ELRC 202324 Annual Report

Financial Statements for the year ended 31 March 2024 EDUCATION LABOUR RELATIONS COUNCIL | 2023/24 ANNUAL REPORT

L EDUCATION LABOUR RELATIONS COUNCI

NOTES TO THE ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (cont.)

Note 9

2024 R

2023 R

Other income

Interest income Penalty income

20 717 639 13 445 815

220 902

516 142

Gains on disposal of assets

-

10 715

Other income Rental income

1 242 683

803 672

389 648 360 786 22 570 872 15 137 130

Note 10

2024 R

2023 R

Employee costs

Basic earnings

38 818 546 34 946 159 2 995 461 2 692 758

13 th Cheque Medical Aid

1 065 917

965 837 119 450 384 461 306 015

Unemployment Insurance Fund (UIF)

124 692 430 697 137 787

Skills Development Levy (SDL)

Leave pay accrual charge

Performance bonus Housing allowance

2 597 638

2 200 984

662 654

643 985

Post retirement benefits

4 972 676 4 352 742 51 806 068 46 612 391

Total cost

Total number of employees 58 (2023: 58)

Post retirement benefits (Defined contribution plan) The entity provides retirement benefits through a defined contribution plan to all its employees. The Provident Fund and Retirement Annuity Fund are governed by the Pension Funds Act, 1956 (Act no 24 of 1956).

The entity is under no obligation to cover any unfunded benefits.

150