The Construction Workers’ Annual Leave and Severance Pay Fund [Bauarbeiter-Urlaubs- und Abfertigungskasse] (BUAK) is a statutory body under public law, tasked with the autonomous administration of statutory duties. It also serves as the social partners’ institution in the construction industry, and therefore seeks consensus between employees and employers. Leadership is shared equally between an employee representative and an employer representative.
BUAK employs about 200 people.
BUAK’s main duty is to manage leave and severance pay entitlements, as well as the Bad Weather Compensation for Construction Workers programme. Another area of responsibility is the management of alternative entitlements to winter holiday compensation, and the new area of interim supplements paid to unemployed construction workers prior to retirement , added in 2014.
The legal framework for BUAK’s work are the Construction Workers’ Annual Leave and Severance Pay Act [Bauarbeiter-Urlaubs- und Abfertigungsgesetz] (BUAG) and the Bad Weather Compensation for Construction Workers Act [Bauarbeiter-Schlechtwetterentschädigungsgesetz] (BSchEG).
BUAK Corporate Pension Insurance Fund (BVK) is wholly owned by BUAK and is organised as a GesmbH (limited liability company under Austrian law). Since 31 December 2016, it holds severance pay contributions in trust for 203,560 construction employees, 89,279 employees not subject to BUAG, and 12,666 self-employed workers.