Government and pension funds
Government and pension funds are an important part ones life. The pension funds are a part of the government jobs. After retirement from any type of government job or service, you are entitles to get a pension. There are different types of pension funds available in the market. You can also invest in any of these funds which will help you in earning some rewards. This is also a kind of security for you. It is the public service commission which helps the government in deciding the rates in which you will be getting.
The government and pension funds are depending on the amount of salary you get. The main aim of the pension task team is to look after the homogeneous benefits of all civil servants The pension may differ according to the permanent and temporary employees. The pension task team is also appointed by the government to look after the details of the salary structure of the employees. There are different types of things involved in the government and pension funds. Some of these are listed below. Have a look and know more:
Government Service Pension Fund;
Government Superannuation Fund of Venda.
Authorities' Service Superannuation Fund;
Temporary Employees Pension Fund;
Authorities' Service Pension Fund;
Ciskeian Civil Servants Pension Fund;
Transkeian Government Service Pension Fund;
Government Employees Pension Fund of Transkei;
Government Pension Fund of Bophuthatswana;
Government Pension Fund of Venda; and
The Government Employees Pension Law provides different things to the people. Some of this includes
administration of the Fund including extensive accounting,
reporting and auditing arrangements;
dissolution of the Fund; and
protection of rights of members
membership of and contributions to the GEPF;
benefits to members and all the rules relating to this;
transitional arrangements and transfers between funds;
funding and financial soundness of the GEPF;
withdrawal from the Fund;
Other than this, the Government and pension funds also provide different types of death benefits as well as early withdrawal benefits. The death benefits depends upon the salary structure of the person as well as on his or her years of service as well. Other than this, the early withdrawals can be done in case of resignation from the job or in case of transfers in certain cases.
In case of female members, they will get similar benefits in case of their male counterparts. This is true in almost all the countries. This is also one of the facts that the government does not differentiate between male and female. All the employees in the government job are expected to contribute to their pension funds at a rate of 7,5% of their salaries.
Some of the Retirement benefits that the employees will receive when they are retiring includes the following:
Final salary
Pensionable emoluments
Pension age
In accordance with service conditions.
The basic annual salary plus any other emoluments recognised as pensionable.
Average pensionable emolument during the last 24 months of service.
Gratuity