FRIDAY, MARCH 8, 1985
9
WAGE SECURITY FUND SCHEME
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WORKERS IN COMPANIES THAT BECOME INSOLVENT MAY SOON BE ABLE TO RECEIVE WAGES DUE TO THEM FROM THE PROTECTION OF WAGES ON INSOLVENCY FUND,
THE PROTECTION OF WAGES ON INSOLVENCY BILL, WHICH GIVES EFFECT TO THE FUND SCHEME, IS PUBLISHED IN THE GOVERNMENT GAZETTE TODAY (FRIDAY).
THE BILL ESTABLISHES A FUND BOARD WHICH ADMINISTERS THE FUND AND EMPOWERS THE COMMISSIONER FOR LABOUR TO INVESTIGATE WAGE CLAIMS AND MAKE PAYMENT FROM THE FUND,
SPEAKING AT A PRESS CONFERENCE TODAY, THE COMMISSIONER FOR LABOUR, MR RON BRIDGE SAID WITH EFFECT FROM APRIL 1 THIS YEAR, EMPLOYEES WHO WERE OWED WAGES AND WHOSE EMPLOYERS BECAME INSOLVENT MIGHT APPLY FOR EX-GRATIA PAYMENT FROM THE FUND.
HE SAID THE WAGES INCLUDE ALL REMUNERATIONS AND EARNINGS, STATUTORY HOLIDAY PAY, ANNUAL LEAVE PAY, END OF YEAR PAYMENT, MATERNITY LEAVE PAY AND SICKNESS ALLOWANCE.
+PAYMENT FROM THE FUND IS LIMITED TO FOUR MONTHS' WAGES NOT EXCEEDING $8 000, + MR BRIDGE ADDED.
ALL EMPLOYEES WERE ELIGIBLE TO APPLY EXCEPT THOSE WHO WERE MEMBERS OF THE EMPLOYER'S OWN FAMILY LIVING WITH HIM.
MR BRIDGE EXPLAINED THAT THE REASON FOR SETTING UP THE FUND WAS TO PROTECT WORKERS FROM LOSS OF EARNINGS AND PROVIDE THEM WITH QUICK RELIEF WHEN A FIRM BECAME INSOLVENT.
+TO ACHIEVE THIS, THE APPLICATION PROCEDURE HAS BEEN KEPT AS SIMPLE AS POSSIBLE AND PAYMENT WILL BE MADE AS SOON AS THE WAGE CLAIM CAN BE VERIFIED, HE SAID.
IN MOST CASES, HE SAID, THE PRESENTATION OF A WIND I NG-UP OR BANKRUPTCY PETITION WOULD BE A PRE-CONDITION FOR PAYMENT.
HOWEVER, MR BRIDGE SAID THE REQUIREMENT FOR PRESENTATION OF A PETITION MIGHT BE WAIVED IF THE FIRM WAS VERY SMALL AND THE ASSETS WERE LIKELY TO BE TOO SMALL TO JUSTIFY THE COST INVOLVED.
HE SAID IT WAS HOPED THAT PAYMENT COULD BE MADE WITHIN ONE MONTH FROM THE DATE OF APPLICATION.
ONCE AN EMPLOYEE HAD BEEN PAID FROM THE FUND, HIS RIGHTS TO PREFERENTIAL PAYMENT IN RESPECT OF THAT AMOUNT OF WAGES WOULD BE TRANSFERRED TO THE PROTECTION OF WAGES ON INSOLVENCY FUND BOARD.
/+THIS WILL
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