GEPF

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

Linda Nartey