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Published byErnest Pope Modified over 8 years ago
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The Graduate Backpack The case for income & lump sum benefits GEPF* graduates *Government Employee Pension Fund
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The Graduate Backpack The case for income & lump sum benefits The GEPF opportunity SILSS Distribution SupportGraduates
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The Graduate Backpack The case for income & lump sum benefits Government Employee Pension Fund SILSS Distribution SupportGraduates
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The Graduate Backpack The case for income & lump sum benefits GEPF primary aim – Retirement Benefits SILSS Distribution SupportGraduates GEPF Risk Benefit Summary Death Lump sum Income X Disability Temporary X Permanent Dread DiseaseLump sum X
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The Graduate Backpack The case for income & lump sum benefits GEPF: Focus on two graduate professions SILSS Distribution SupportGraduates Sickness Benefit NurseTeacher Temporary Disability Income
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The Graduate Backpack The case for income & lump sum benefits Let’s look at the sick leave - T&C’s SILSS Distribution SupportGraduates 36 days in a 3-year cycle The employee can possibly qualify for a further 26 days subject to approval by the board
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The Graduate Backpack The case for income & lump sum benefits Let’s look at the GEPF disability benefits SILSS Distribution SupportGraduates 10 years service Less than Lump sum More than Lump sum Income Spouse income @ 50%: 6.72% / @ 75%: 5.85% @ 75% by reducing income: 6.72% & 1/57) 15.5% x final salary x years of pensionable service x 4/3 6.72% x final salary x increased years of pensionable service (1/55 x final salary x increased years of pensionable service) + R360
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The Graduate Backpack The case for income & lump sum benefits Let’s look at the GEPF disability benefits E.g. a nurse/teacher earning R17 000 p.m. SILSS Distribution SupportGraduates 10 years service More than Less than Lump sum Income 15.5% x 204 000 x 9 x 4/3 R379 440 15.5% x 204 000 x 9 x 4/3 R379 440 6.72% x 204 000 x 20 R274 176 6.72% x 204 000 x 20 R274 176 (1/55 x 204 000 x 20) + R360 R6 212 p.m. (1/55 x 204 000 x 20) + R360 R6 212 p.m. 36.5% of monthly income Not even 2x annual income Permanent disability only
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The Graduate Backpack The case for income & lump sum benefits SILSS Distribution SupportGraduates GEPF – financial planning gaps Risk benefits Income protection benefits Sickness Benefit (Nurse) Temporary Income Benefit (Teacher) <10 years service – extended disability income benefit >10 years service - top-up extended disability income benefit Lump sum benefits Top-up disability lump sum benefit Dread disease
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The Graduate Backpack The case for income & lump sum benefits GEPF – financial planning gaps Risk benefits – quote R17 000 p.m. 4 year-Teacher/Nurse Diploma 40 anb Income protection benefits Sickness benefit R14 450 p.m. (Nurse) Temporary disability benefit R14 450 p.m. (Teacher) <10 years service - extended disability income benefit R14 450 p.m. >10 years service - top-up extended disability income benefit R8 234 p.m. Lump sum benefits Top-up disability lump sum + W/L impair benefit R500K Dread disease Comprehensive R500K R 65.70 R 154.01 R 211.06 R 188.50 R 120.27 R 69.75 Graduates SILSS Distribution Support
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The Graduate Backpack The case for income & lump sum benefits Graduates - Rate group advantage 3-year degree / 4-year diploma Sanlam as at September 2015 R29 166 p.m. R16 666 p.m. Liberty as at January 2015 Old Mutual as at April 2015 Graduates SILSS Distribution Support
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The Graduate Backpack The case for income & lump sum benefits GEPF – Teacher (Disability class A) Competitor comparison Graduates SILSS Distribution Support
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The Graduate Backpack The case for income & lump sum benefits GEPF Calculator Graduates SILSS Distribution Support
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The Graduate Backpack The case for income & lump sum benefits GEPF Calculator current output Graduates SILSS Distribution Support
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The Graduate Backpack The case for income & lump sum benefits GEPF Calculator current output Graduates SILSS Distribution Support
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The Graduate Backpack The case for income & lump sum benefits GEPF Calculator - proposed output Graduates SILSS Distribution Support
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The Graduate Backpack The case for income & lump sum benefits thank you
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The Graduate Backpack The case for income & lump sum benefits
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