How Do I Calculate My Retirement Amount
How Do I Calculate My Retirement Amount
Are you a retiree wondering how to calculate your retirement amount? Not to worry as this based SEO article will assist you every step of the way on how to calculate the amount you’ve contributed with ease and flexibility all that is required of you is to pay rapt attention to every detail outlined in this post and you will be able to learn how to calculate your retirement amount.
READ ALSO: How do I calculate my pension payout?
Benefits Of GEPF
Here are some benefits of the Government Employee Pension Fund
- Retirement Benefits
- Resignation Benefits
- Unclaimed Benefits
- Death Benefits
- Funeral Benefits
- Divorce Benefits
- Child Pension
- Spouse Pension
How The Retirement Amount Is Been Calculated
Following retirement, a member will receive a combination of a gratuity lump sum and a pension, similar to be existing retirement benefits. The lump sum payments are calculated as follows:
- From the Vested Pot: 6.72% of the final salary multiplied by the Vested Service
- From the Saving Pot: 6.72% of the final salary multiplied by the Saving Service
Additionally to the lump sums, the member will also receive a monthly pension, calculated as follows:
- A monthly pension from the Vested Pot: (1/55) times the final salary times the Vested Service, plus R360 per year
- A monthly pension from the Retirement Pot: (1/55) times the final salary times the Retirement Service
How The Two-Pot System Is Procured
Implementing the two-pot system will not have a detrimental impact on the financial security of the fund. When a partial withdrawal is been made by a member, it automatically corresponds to a reduction in the fund’s obligation to that member.
What The GEPF Invests In
These are the four categories in which the Government Employee Pension Fund invests in
- Equities
- Fixed income
- Properties and,
- Isibaya Funds
Knowing how to calculate your retirement amount helps you to make good decisions for your funds and also know your expenses. Visit the official website for more updates on how to calculate your retirement amount