How Long Does GEPF Pay-Out
How Long Does GEPF Pay-Out
If a GEPF member leaves the workforce, one of the most common questions being asked is how long the GEPF takes to prepare for the payout. Whether due to resignation, retirement, or any other circumstance. Being conscious of the timelines and what can influence delays is very important for those anticipating their pension payout.
How Long Does It Take To Process The GEPF Pay-Out
The time it takes to process the Government Employee Pension Fund can vary depending on several factors, but typically the process can take six to eight weeks from the time all the required legal papers have been submitted.
ALSO READ: How long does it take to get your money from GEPF?
Requirement Needed To Claim The GEPF Pay-Out
- A fully completed withdrawal form (Z102)
- Certified copies of your ID and tax clearance certificate
- Proof of banking details
- Proof of pensionable service
- Any other required form(medical records in case of ill-health retirement)
What Is Paid Out To Retirees When They Retire
The lump sum is calculated as follows:
- from the vested pot: 6.72% of the final salary multiplied by the vested service
- from the savings pot:6.72% of the final salary multiplied by the savings service
The monthly pension is 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
What Happens If A Member Resigns
Due to the resignation of a member, the member will only be entitled to receive the combined balance of their vested and savings pots as a lump sum payment on the exit date. It is vital to note that this lump sum payment will be subject to taxation
To Conclude
If you are having difficulties in claiming your GEPF it will be advisable to visit the official website for more clarification and don’t forget to leave your suggestions in the comment box provided below