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Provident Fund

Injury & Incapacity

  • Temporary Disability Income : If you become temporary disabled  (temporary disability – 1 month waiting period
  • Permanent  Disability: Your Fund Credit is paid out as a cash lump sum (6 month waiting period; after payment of benefit. You will no longer be a member of the fund.

Death

  • Group Life Assurance: The death benefit is paid out to your beneficiaries by the fund. It may take up to 12 months to pay out to your beneficiaries.
  • Family Funeral  (Member, Spouse, child aged 14 – 20): The separate Funeral Family Benefit policy will pay out out an immediate benefit equal to R5000.00 normally within 48hrs of presenting the death certificate to your employer.

funeral

Death of your family members

The separate Family Funeral benefit policy will pay out an emmediate benefit (normally within 48hrs of presenting the death certificate to your employer)

  • R5000 – spouse
  • R5000 – child aged 14 – 20 years
  • R2500 – child aged 6  – 13 years
  • R1000 – child aged less than 6 years [includes stillborn]

Retirement

Provident Fund : Normal retirement is at age 65, but you can retire from age 55-70 if you have your employer’s permission.
Payable to you as a cash lump sum or you may choose to purchase a monthly pension with all or a portion.

provident fund

Resignation/Retrenchment

If  you resign or are retrenched/dismissed.
Payable to you as a cash lump sum you could  choose to transfer your benefit, tax free to a  another approved retirement fund in order to  preserve the Fund Credit.

Can do will do