GEPF

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

Linda Nartey