The "Metal Industries Provident Fund", a Defined Contribution Fund was established on 01 May 1991. In this Fund, only the contributions are defined and benefits that are payable in terms of the Rules are payable as a lump sum.

There is no monthly income on retirement. The member therefore carries the risk and is responsible for ensuring that s/he invests the lump sum wisely. The establishment of a Provident Fund came about as a result of negotiations between the Trade Unions and the Employers.

One of the main reasons being for the establishment of the Fund was that pensioners living in rural areas had difficulty in collecting monthly payments. On starting employment, workers can thus choose to belong to either the Engineering Industries Pension Fund or join the Metal Industries Provident Fund.

The Metal and Engineering Industries Permanent Disability Scheme The Permanent Disability Scheme was established in 1994 in order to provide a monthly income to members who become permanently disabled and unfit to carry out any occupation in the Metal Industries.

On joining either the Engineering Industries Pension Fund or Metal Industries Provident Fund, members automatically assume membership of the Permanent Disability Scheme.

Metal and Engineering Industries Bargaining Sick Pay Fund The Sick Pay Fund, a benefit fund governed by the Friendly Societies Act, was established in 1978. These benefits are temporary in nature and are geared to assist employees in times when they have exhausted their sick leave and have no means of income while they are absent from work due to illness or confinement.