The Department of Employment and Labour has announced a change in banking details for the Compensation Fund, effective from 1 August 2025. All payments must now be made to new Nedbank accounts, each designated for specific purposes.

Key Actions for Payroll Administrators:

• Update Payment Details: Ensure that all future payments are directed to the correct Nedbank accounts as per the table above.

• Use Correct Reference Numbers: Always include the specified reference number for each payment to facilitate accurate reconciliation.

• Discontinue Old Account Information: Any previous banking details are now obsolete.

• Monitor for Delays: Failure to comply with these new banking details may result in delays in processing payments.

Check the new banking information: Compensation Fund Bank details.pdf

Need Assistance?

For further information or clarification, please contact the Compensation Fund directly:

• Email: [email protected]

• Call Centre: 0800 321 322 / 0860 105 350

Sharon: Community Hub Lead