Do GEPF Members Get A Bonus?

Do GEPF Members Get A Bonus?

NO. The Government Employees Pension Fund (GEPF) does not offer bonuses to its members or pensioners. Since the Fund operates as a defined benefit fund rather than a financial services provider, it is not lawful for the GEPF to provide loans or bonuses.

The GEPF is governed by specific rules outlined in the Government Employees Pension (GEP) Law, Proclamation 21 of 1996. These rules are designed to protect and grow the benefits of members and pensioners, ensuring that the Fund remains sustainable and can meet its obligations.

As a defined benefit fund, the GEPF guarantees retirement benefits based on a formula that considers the member’s pensionable salary and years of service. This structure is in place to ensure that members receive the benefits they are entitled to when they retire.

Government Employees Pension Fund Benefits

GEPD seeks to provide the following benefits to its members;

Retirement Benefits
Resignation Benefits
Death Benefits
Funeral Benefits
Unclaimed Benefits
Spouse Pension
Child Pension
Divorce Benefit

When Does Your Pensionable Service Start?

Your pensionable service begins on the day you start making your monthly pension contributions and continues until you stop working for your employer. Essentially, it is the time during which you are an active, contributing member of the GEPF.

It is important to note that there can sometimes be a gap between your employment start date and your GEPF membership date. For example, if you initially worked on a contract where you did not qualify for GEPF membership and were not making contributions, your pensionable service would only begin once you transitioned to a permanent position and started contributing regularly.

How Much is My Contribution To GPEF?

As a member of the GEPF, you contribute a percentage of your salary each month to secure your pension benefits. Your employer, the government, also makes a monthly contribution on your behalf. All GEPF members pay 7.5% of their pensionable salary into the Fund, while employers contribute 13% of that salary.

However, if you are employed by the South African National Defence Force or a government department within the intelligence community, the employer’s contribution is higher, at 16% of your pensionable salary.

For example, if you earn R4,500 a month and R3,500 of that is pensionable, your contribution to the GEPF would be R262.50, which is 7.5% of your monthly pensionable salary. On top of that, your employer would contribute R455 a month towards your pension, representing 13% of your monthly salary.

How To Claim Money From GEPF

Follow the steps below to claim your benefits form GEPF;

SELF-SERVICE ACTIVE USERS

Open the Self-Service App or visit the website.
Enter your username and password.
To submit a new claim, review past claims, or track your current claim, click on the “Claims” button.
Click on “Submit a Claim” to start a new claim.
After selecting “Submit a Claim,” you will see the rules related to the two-pot system.
You will be shown the amount available for withdrawal from your savings pot. To proceed, you must accept the terms and conditions.
Use the “Withdrawal Calculator” to see how a withdrawal will affect your years of service.
Click the “email icon” to request a withdrawal quote to be sent to your email.
Confirm the accuracy of your banking details by clicking the confirmation button. You must accept the terms and conditions to continue.
Confirm your income tax number. If it’s incorrect, you can update it before submitting it. You must also accept the terms and conditions to proceed.
Click the “Continue” button to submit your claim.
Payment will be processed within 60 working days after your claim is submitted.

NEW SELF-SERVICE USERS

Download the GEPF Self-Service App from the appropriate app store for your device.
Register your profile on the app, ensuring you provide up-to-date personal information, including your cell phone number and email address.
You will receive an OTP (One-Time Password) and a temporary password via SMS or email.
Use the temporary password to log in, then change it to a new password of your choice.
To submit a claim, view historical claims, or track your current claim, click the “Claims” button.
Then follow the subsequent steps starting from Step 5 in the Two-Pot Withdrawal Process for Self-Service Active Users above.

GEPF CONTACT DETAILS

Toll free number: 08 00 117 669
Fax: 012 326 2507

enquiries@gepf.co.za

Postal Address
GEPF Private Bag X63,
Pretoria,
0001

Visit the official website of the Government Employees Pension Fund for more information. I hope the provided information is helpful, share your thoughts below in the comment section. Do GEPF Members Get A Bonus?

Bernice Asante