How To Calculate Pension
How To Calculate Pension
Are you curious about how to calculate your pension capabilities? Do you wonder how to translate your years of service into a comfortable retirement? This all-inclusive guide will answer your queries and provide clear, easy -to follow for calculating your pension. We will first of all delve into what pension is which will help us throw more light on the fund and how to calculate it.
READ HERE: Can I register GEPF online?
What Is Pension?
Pension is a regular payment made by the state to people above the official retirement age and some widows and disabled people. OR Is a fund into which amounts are paid regularly during an individual’s working career, and from which periodic payments are made to support themselves when they attain retirement age.
How Is Pension Calculated?
An average multiplier which is the 2%. So if you work 40 years, and your final average remittance is $80,000, then your pension would be 40*$2%*$80,000 =$640,000 a year.
Benefits of Government Employee Pension Funds(GEPF)
Beneath are the benefits of the GEPF
- Unclaimed Benefits
- Resignation Benefits
- Retirement Benefits
- Child Pension
- Spouse Pension
- Funeral Benefits
- Divorce Benefits
- Death Benefits
READ ALSO: How much of my pension can I withdraw?
How To Use The Benefits Calculator To Protect Your Pensioners Against Inflation
- Your Surname
- Date of Birth
- Calculation Type(select either death of a member, discharge, death of a pensioner, early retirement, to mention just a few)
How To Check Your Pension Balance
If you want to check your pension balance follow these laydown procedures. The GEPF now has a self-service portal and all that a member needs to access the portal is the ID number.
follow the steps below to access it
- Members should visit the official website of GEPF
- Members should log in via the GEPF status check portal
- Click on forgotten password and enter your details
Contact Details of GEPF
You can contact them at (+27 80 011 7669) or
Visit the official website for more information on how to go about calculating your pension with ease.