increase granted to pensions and a 3,1% increase in the number of pensioners. Historically it has paid an annual increase in line with or slightly higher than inflation. Sithole says more moderate salary increases could also help stabilise the long-term funding level. RYK VAN NIEKERK: The Government Employees Pension Fund, or GEPF, released its annual report yesterday, November 16, 2020. It was for their financial year to the end of March this year. It was for their financial year to the end of March this year. Police in South Africa are paid a maximum of R12,427 per month, interestingly the highest for an African nation. Joint trade unions media statement on the program of action Call for Papers: ILERA 9th Africa Regional Congress 2021 You’re required to pay income tax if your taxable income for the tax year exceeds: For the 2020 year of assessment (1 March 2019 - 28 February 2020) R79 000 if you’re younger than 65 years old. The following was resolved in this regard: • Salary adjustment wef 1 April 2020: In terms of PSCBC Resolution 1 of 2018, Year Three should be implemented in the following manner: ... sewage and refuse 9.9 percent, salary increases of officials 6.25 percent. In return, members (employees) contribute 7.5% of their monthly pensionable salary to the GEPF… These growth rates will not be enough to withstand further rises in the debt/GDP ratio. 3.2. All GEPF members pay 7.5% of their salary towards their pension, with employers contributing 13%. Dec 14, 2020. 7 February 2020, Pretoria – The Government Employees Pension Fund (GEPF), has noted the recent media reports including government support as well as public discourse on the statement issued by the Congress of South African Trade Unions (COSATU) titled, “Key … The employer failed to implement the salary increment as contained in clause 3.3 of PSCBC Resolution 1 of 2018. Contribution rates: 3.2.1. Assume the employee earned R20,000 per month and received a 6.0% salary increase. Enter the effective date of structuring in CELL D21. April 19, 2020. As ... One is to pay the quoted amount to GEPF as a lump sum; the other is to arrange for your employer to deduct the amount in instalments from your monthly salary. [6] The insistence of the GEPF that he purchases his prior pensionable service, the appellant submits, deprives him of the full rights which flowed from his reinstatement by this court in 2011. Confirm in CELL D25 (dropdown table) whether you are admitted to the Government Employees Pension Fund (GEPF) or not - Yes or No. Clause 8 on Outstanding Matters ... 2020, which clearly states that there will be no salary increases for public servants over the next four years. Enter your personal details in CELLS B20 to B23. As at 1 April 2005, the State’s contribution to the GEPF was set at 13% for civil servants and 16% for uniformed service employees. Where pensions fall behind inflation, GEPF also pay catch-up pension increases. In terms of the proposed modalities, employees would have to forfeit their 1.5% salary progression (payable on 1 July 2020) to be used to fund a 4.4% (CPI) increase, plus a once off non-pensionable gratuity equivalent to a day’s salary, for employees on salary levels 1-8 only. Mr Krishen Sukdev CHIEF EXECUTIVE OFFICER Government Pensions Administration Agency (GPAA) OVERVIEW BY THE CHIEF EXECUTIVE OFFICER Our target is to pay retiring member benefits within 20 days of their exit from service by 2020 / 2021. Law pays well in South Africa and is the most chosen career for high school leavers. The actual increase in their after-tax net pay, because the tax brackets remained the same, only amounted to … RYK VAN NIEKERK: The Government Employees Pension Fund, or GEPF, released its annual report yesterday, November 16, 2020. Over 10 years its return of 7.59% is a paltry 0.09% ahead of the benchmark. insidergold Subscribe to all shared and unit trust data tools, full access to award-winning articles and support quality journalism in the process. The Minister verbally proposed that the 1 April 2020 wage adjustment be replaced by the payment of a non-pensionable bonus to employees, to be funded to the tune of R 27 billion, by suspending the employer’s contribution to the Government Employees Pension Fund (GEPF) for a certain period. As the name suggests, the GEPF was established to administer and manage pension fund matters and schemes relating to government employees. Nominated Date. Please take note that we are not working for GEPF and neither are we working at GEPF. According to the South African Financial Services Board (FSCA) , there are more than 5,000 occupational and private retirement funds in South Africa, with more than 15 million members and R3.2 billion of assets. The Budget did not increase the income tax brackets in line with inflation for the first time since the 1990’s. […] We have more than 1.2 million active members, in excess of 450 000 pensioners and beneficiaries, and assets worth more than R1.8 trillion. Months. The GEPF made a presentation on the proposed amendment to the GEPF Law to provide for a ... 02-11-2020 . As at 31 March 2020, the end of the financial year 2019/2020, the GEPF reported a decline in its investment portfolio of R243bn largely impacted by the turmoil in the South African and global economy in the last quarter of the 2019/2020 financial year. The Government Employees Pension Fund (GEPF) is Africa’s largest pension fund. According to the Fund rules, the annual pension increase paid to GEPF pensioners must be at least 75% of the average increase in consumer inflation during 1 December – 30 November of the previous year. GEPF FORUM has 17,357 members. Judges/lawyers. ) and nett salary (take-home pay) (CELL D45). The GEPF issued a quotation according to which the appellant would have to pay R1 525 408. The government has had a major fallout with public sector unions after going to court to oppose parts of the 2018 wage agreement that could have seen salary increases of … Public Service Day - PSA pays tribute to public servants and pledges commitment to ensure salary increases: June 2020: 6/23/2020 8:09:18 AM: COVID-19 PSA concerned about impact on schools: June 2020: 6/22/2020 10:47:41 AM: COVID 19 PSA concerned about lack of commitment to curb infections in Correctional centres: June 2020: 6/22/2020 10:47:20 AM GEPF renews services of Standard Bank to monitor f… South Africa’s Government Employees Pension Fund (GEPF), one of the leading pension funds in Africa, has reappointed Standard Bank to provide a comprehensive range of investor services product and service solutions for its portfolio of assets If you have not chosen a specific date for your payments to be made then your pension for the 2020-2021 financial year will be processed in accordance with the table below. According to the Fund rules, the annual pension increase paid to GEPF pensioners must be at least 75% of the average increase in consumer inflation during 1 December - 30 November of the previous year. Money Available Major Banks. Spousal pension These account for a total of R252,789 annual salary securing a top spot in the highest-paid government salary. ... Members of the Government Employees’ Pension Fund (GEPF) ... Why it pays to be a member of the GEPF. Government Employees Pension Fund (GEPF). Where pensions fall behind inflation, GEPF also pay catch-up pension increases. The GEPF guarantees an annual pension increase each year at 75% of inflation. If you’re 65 years old or above, the tax threshold (which is the amount above which income tax becomes payable) increases to R122 300. INSIDERGOLD Subscribe for full access to all our share and unit trust data tools, our award-winning articles, and support quality journalism in the process. Currently, GEPF is … Lutchmiah Naidoo 1 ... Pensioners of the Government Employees Pension Fund (GEPF) have been awarded a miserly 3.6 percent increase from April 1. of the salary adjustment that must apply with effect from 1 April 2020; and • The proposed utilisation of the GEPF as financial lifeline for Eskom. Due to 2020’s market turmoil, next year’s increase may be lower, but it cannot go below the 75% of inflation guaranteed, even if market performance is weak. It was the fiscal year until the end of March this year. The balance of the R614 billion was financed through debt and tariff increases. fundtalk | Third Edition 2020 8 Increase your 6 retirement benefits There are GEPF members who joined the public service late in their lives. Over the long term the GEPF should consider terminating its mandate with the PIC and investing in index funds. Money Available Credit Union. RYK VAN NIEKERK: The Civil Service Pension Fund (GEPF) released its annual report yesterday on November 16, 2020. 13 July 2020: An update on the arbitration of the wage dispute in the public service currently taking place at the PSCBC. PSCBC congratulates the new Principal Executive Officer of the GEPF. We strongly believe that this is achievable. Police . This is not a link to GEPF. the Government Employees Pension Fund (the GEPF), taken on 3 December 2014, in relation to the calculation of the actuarial interest of members whose membership terminated after 1 April 2015. Fund (GEPF) and the National Treasury Programme 7 funds. Yet the GEPF has invested millions of Rands in the Public Investment Corporation. July. The state pension will increase by nearly four percent in April 2020, in a boost to pensioners across the UK. For the first time since the 1990 ’ s... Members of the GEPF consider. 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