What Benefits Do I Get At 60
What Benefits Do I Get At 60
Attaining the age of 60 years is a life well lived as an employee who is going on retirement you have to make sure that you are well prepared or plan for your retirement very well. On retirement, employees enjoy so many benefits such as retirement plans, social security benefits, and other related benefits associated with it. In this post, we will delve into some other benefits enjoyed by employees, follow this guide carefully as we unfold what you need to know.
The Government Employee Pension Fund provides normal and early retirement as well as ill-health benefits. Members whose employment has been affected by restructuring or reorganization are also able to receive retirement benefits.
Below are some retirement benefits employees get to enjoy under the GEPF(Government Employee Pension Fund)
- Normal Retirement
Sixty years is the normal retirement age for the Government Employee Pension Fund members. The benefits paid depend on whether a member has less than ten(10) years of pensionable service, or ten or more years of pensionable service. Members with less than ten years of service receive a gratuity that is a once-off cash lump sum that is equal to their actuarial interest in the Fund and members with more than ten years of service receive a gratuity and a monthly pension annuity.
- Early Retirement
Under certain situations, members may retire early, that is before the actual retirement age which is sixty. Again, the members’ years of pensionable service determine the benefits. Members with ten or more years of service receive annuities and gratuities. These are calculated in the same way as for the normal retirement, but the reduction of a third of one percent(0,33%) for each month between the dates of early retirement and normal retirement.
- Ill-Health and Other Retirement
Enhanced benefits are paid when a member retires for medical reasons, when injured on duty, or when their posts are eradicated through organizational restructuring. In these situations, members receive both annuities and gratuities if they have more than ten years of pensionable service.
Document Needed To Claim Your Benefits
- A correct and completed Withdrawal from Fund Application Z102 form
- A correct and completed Banking Details Z894 form
- The Z583 form is needed when one has more than ten years of service and is a member of a medical aid scheme
- A certified copy of the member’s green bar-coded identity document or passport that is not older than six months
- A correct and completed retirement choice form
Contact Details
Toll-free number: 08 00 117 669
Fax: 012 326 2507
Email: enquiries@gepf.co.za
Postal Address
GEPF Private Bag X63,
Pretoria
0001
Visit the official website for more information and updates on GEPF’s latest news