You’ve found the home of your dreams and imagined yourself living there, and then you take the financial leap of committing yourself to a home loan and years of repayments. SAA staff exit payouts have begun. A retirement survey by Sanlam found that 51% of retirees cannot make ends meet, and one-third do not have... Have you heard of the term Sdudla? The summer rainy season is in full swing in Gauteng. While we hope the information provided on this site will be useful in making financial decisions. To qualify for pension and other benefits, members pay a monthly amount of 7.5% of their pensionable salary to GEPF. In this podcast Maya (@mayaonmoney) speaks to David O’Brien of debt counselling firm Meerkat to explain how debt counselling works and how to... Advance payments on car finance do not work the same as on your home loan, so it’s worth understanding how to make the most of it. 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. If you require financial advice you need to contact a registered financial advisor. it is not to be viewed as advice. The month of love has arrived, and many couples will be getting married, or planning a... Last week was National Wills Week, which is always a great reminder to review your will. Before you dive in, be sure that you conduct a home inspection. In the past, the company provided the service to estate... During lockdown, many people looked into their finance agreements, which resulted in a lot of queries about how an access bond works. In 2021/22 next financial year, the seven social grant categories will increase by between 4 and 4.7 percent. These changes are part of a process to simplify the retirement fund industry and bring provident funds in line... Why is it so hard to stick to our New Year resolutions? All Rights Reserved, Government Employees Pension (GEP) Law and rules. This site is a collection of articles written by finance journalist Maya Fisher-French as well as other contributors. Tel: +27 80 011 7669 Fax: +27 12 326 2507 Brandon Kochkodin and Erik Schatzker, Bloomberg / 7 Mar 2021 By loaning out securities for a small fee plus interest, shareholders can generate extra income that boosts returns. This will result in an average tariff percentage increase of 15.63% in the 2021/22 financial year. In 2015 National Treasury introduced the tax-free savings account (TFSA) to reignite a savings culture among South Africans. 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. This is the practice of resigning from your post to access your pension fund. This section provides tips and actions you need in order to tell your money where to go. It contains changes that have a direct impact on the members of provident funds. The GEPF has a solid track record in safeguarding the value of members’ retirement wealth. This site is a collection of articles written by finance journalist Maya Fisher-French as well as other contributors. Feel free to engage with us on social media. Many retirees have not saved enough to meet their financial needs, leaving children with the burden of supporting their retired parents. Can I settle my car finance early and what happens if I want to give my car back? From what to include in your will to how your marriage contract affects your debts and your estate, this section covers the legal aspect of your estate so that you can plan effectively for life’s major events. I recently came across it in relation to members of the GEPF, specifically members who are teachers and nurses. 16 February 2021 - 13:13 . Despite having credit shortfall insurance, many policyholders find themselves out of pocket when it comes to claiming because they don’t properly understand how the cover works. How do we... You could save hundreds of thousands of rands in tax, according to Sanlam Investments. Protecting your assets is an important part of any financial plan. Saving, Investing, Investment Products & more... Wills, Marriage Contracts, Life Cover & More... Video: How to stick to your money resolutions, Listen: Pros and cons of debt counselling, Listen: How to select the right ETF in this crazy market, Making the home loan process less painful, Online service to value property and vehicles, Listen: What you need to know about car finance, Video: Car and handbag insurance for women, When your credit shortfall insurance leaves you short, How your marital regime affects estate planning, Unmarried couples must ensure they have a valid will. ... though, he has not seen much increase in bitcoin payments. The Credit Ombud wants to remind consumers that there are ways to ease the woes that come with being unemployed while having debt, and you shouldn’t just ignore your credit providers. He also gives us some perspective on the investment landscape for 2021. To grow wealth we must spend less and save more. GEPF Administration Office Building 2A, Trevenna Campus Corner Meintjies and Francis Baard Street Sunnyside, Pretoria. This is an increase of 23%, well above the current inflation rate of 3.3% a year, but still below the national minimum wage which is currently at R21.69 an hour. GEPF Administration Office Building 2A, Trevenna Campus Corner Meintjies and Francis Baard Street Sunnyside, Pretoria. I am considering scaling down my monthly contributions and rather investing the money offshore myself through a stockbroker. The aim of Maya on Money is to help you with those day-to-day money decisions related to South African finance matters. Their employer also contributes by paying a certain amount every month. Many retirees have not saved enough to meet their financial needs, leaving children with the... Have you heard of the term Sdudla? Taps ran dry in Ndwedwe, KZN, six years ago. The Government Employees Pension Fund (GEPF) is Africa’s largest pension fund. The aim of Maya on Money is to help you with those day-to-day money decisions related to South African finance matters. What questions should I ask my dealer? What are the tax differences once I reach... Buying a home can be a very emotional experience. What that means, in simple terms, is that 100% of what you invest is deducted from your taxable income by SARS via... A reader asked: “I am 38 years old and I am not happy with the returns on my Retirement Annuity (RA). It contains changes that have a direct impact on the members of provident funds. Your benefits from the fund are guaranteed. This section includes articles on how to save for retirement and how to manage your money at, and during, retirement. In this podcast, @Satrix_SA Chief Investment Officer, Kingsley Williams joins Maya Fisher-French (@mayaonmoney) to provide some guidelines around selecting the right ETF for your needs. GEPF Administration Office Building 2A, Trevenna Campus Corner Meintjies and Francis Baard Street Sunnyside, Pretoria. The government wants the court case to be postponed to after February 2021, which would buy it more time to negotiate with trade unions about … Actuarial valuations of the Fund are conducted at least every three years. Since women pay less for car insurance than men, we should consider using those savings to insure our handbags. This includes employees of all national and provincial government departments, as well as employees in the offices of the provincial premiers, the Public Service Commission, Provincial Service Commissions and the office of the Auditor-General. The province has already seen heavy rain, flash floods and hail, and authorities have warned that more extreme weather is on the way. This is according to Marius Steyn, Personal Lines Underwriting Manager at Santam. By Hyunjoo Jin - 11 February 2021 . In this podcast Maya (@mayaonmoney) speaks to David O’Brien of debt counselling firm Meerkat to explain how debt counselling works and how to choose a good debt... Advance payments on car finance do not work the same as on your home loan, so it’s worth understanding how to make the most of it. If you are looking to buy or sell a property, or even just want to find out what the properties in your area are worth, Lightstone Property has introduced an easy, low-cost valuation service for individuals. My own inbox is flooded each day with emails from companies claiming to offer really cheap loans. ... and 2019 salary increase of 5.9% back pay to VSP applicants if applicable. The Government Employees’ Pension Fund (GEPF) is a defined benefit fund with over 1,2 million active members and more than 400 000 pensioners and beneficiaries. Designed to encourage long-term... Buying a home can be a very emotional experience. If you are looking to buy or sell a property, or even just want to find out what the properties in your area are worth, Lightstone Property has introduced an easy, low-cost valuation service for individuals. In 2015 National Treasury introduced the tax-free savings account (TFSA) to reignite a savings culture among South Africans. It would also increase the amount that could be contributed to the fund tax-free for the majority of its members. Stock photo. As teachers and nurses... For many people COVID has had a major financial impact and some may be considering entering debt review. Retirement funds are our biggest asset after our home. All government employees whose conditions of service fall under the Public Service Act are members of GEPF. GEPF is a defined benefit pension fund that was established in May 1996 when various public sector funds were consolidated. Members of GEPF qualify for benefits on retirement and also on resignation or discharge. Steyn suggests including a... On 1 March 2021 the Taxation Laws Amendment Bill of 2020 came into effect. Managing your day-to-day money flows – it all begins here. This is the practice of resigning from your post to access your pension fund. These changes are part of a process to simplify the retirement fund industry and bring... Christel Botha, fiduciary services manager at Alexander Forbes, looks at the impact that various marriage contracts have in the event of the death of a spouse. On 1 March 2021 the Taxation Laws Amendment Bill of 2020 came into effect. Any debt that you pay off sooner than required will save you money on interest. We have more than 1.2 million active members, in excess of 450 000 pensioners and beneficiaries, and assets worth more than R1.61 trillion. Any debt that you pay off sooner than required will save you money on interest. Tel: +27 80 011 7669 Fax: +27 12 326 2507 Toll free number: 0800 117 669Fax number: 012 326 2507Email: enquiries@gepf.co.zaWebsite: www.gepf.co.za, Copyright 2021 Government of South Africa. Buying a car can make or break you financially. As teachers and nurses can work as... For many people COVID has had a major financial impact and some may be considering entering debt review. Meanwhile, Eskom has taken note of the court order. Water tankers do not reach all areas and people have to go to a stream to fetch water. Recovering costs. All GEPF benefits are defined in the. I recently came across it in relation to members of the GEPF, specifically members who are teachers and nurses. Tel: +27 80 011 7669 Fax: +27 12 326 2507 So you've finally found your dream home and are ready to put in an offer. Designed to encourage long-term savings while giving you... By Zane De Decker, MD Flyt Property Investment. During lockdown, many people looked into their finance agreements, which resulted in a lot of queries about what happens when you pay an... How does a balloon payment work? There has been an increase in loan scams as people become financially desperate and see a cheap loan as a way out of a financial crisis.