Common use of SALARY BANK ACCOUNT Clause in Contracts

SALARY BANK ACCOUNT. i. Purpose: This Bank Account is utilised for the payment of all salary related items, including third party payments (PAYE, Pension, Medical Aid Deductions, Bond Pay Overs etc.) for approximately 31 000 staff members monthly, 5000 Expanded Public Works Programme (EPWP) workers bi-weekly and 45 ex gratia pensioners. ii. The vast majority of such payments are processed electronically via EFT’s using a “Bulk transactional file exchange system” and “Cash Management System” (PC Based). iii. All transactions debited or credited to this Bank Account must contain effective referencing for clear identification. In such instances the EFT batch number should be quoted in the text field. The same procedure is required for “Unpaid” EFT amounts relating to an individual employee payment. iv. Monies to be recalled on the same day service. v. All ACB/EFT transactions not completed by due date must be returned to this account within 48 hours of such due date.