In 2015 National Treasury introduced the tax-free savings account (TFSA) to reignite a savings culture among South Africans. I recently came across it in relation to members of the GEPF, specifically members who are teachers and nurses. This section provides tips and actions you need in order to tell your money where to go. 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. The global shutdown in the face of the COVID-19 pandemic is testing the clauses of insurance policies – specifically business interruption insurance – with claimants and insurers across the world fighting it out in court. In this section you will read all you need to know about buying, financing and insuring your car. it is not to be viewed as advice. Feel free to engage with us on social media. 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. If you are confused about the effects of depositing extra funds into your home loan, you are not alone. Your benefits from the fund are guaranteed. Before you dive in, be sure that you conduct a home inspection. 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 burden of supporting their retired parents. 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. Since women pay less for car insurance than men, we should consider using those savings to insure our handbags. So you've finally found your dream home and are ready to put in an offer. He also gives us some perspective on the investment landscape... You could save hundreds of thousands of rands in tax, according to Sanlam Investments. It contains changes that have a direct impact on the members of provident funds. Tel: +27 80 011 7669 Fax: +27 12 326 2507 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). On 1 March 2021 the Taxation Laws Amendment Bill of 2020 came into effect. 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 … 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. The GEPF has a solid track record in safeguarding the value of members’ retirement wealth. 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. 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. 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. Many retirees have not saved enough to meet their financial needs, leaving children with the... Have you heard of the term Sdudla? The Government Employees Pension Fund (GEPF) is Africa’s largest pension fund. This site is a collection of articles written by finance journalist Maya Fisher-French as well as other contributors. To qualify for pension and other benefits, members pay a monthly amount of 7.5% of their pensionable salary to GEPF. This is according to Marius Steyn, Personal Lines Underwriting Manager at Santam. Articles cover all those areas that you need in order to manage your money effectively such as budgeting, saving, investing, banking and insurance. What are the tax differences once I reach... Buying a home can be a very emotional experience. It would also increase the amount that could be contributed to the fund tax-free for the majority of its members. This section covers all aspects of insurance from short-term insurance for your house and car to life insurance where you provide for your dependents and insure your own income. 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. 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. What questions should I ask my dealer? 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. It contains changes that have a direct impact on the members of provident funds. 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. Members of GEPF qualify for benefits on retirement and also on resignation or discharge. 1 Before you dive in, be sure that you conduct a home inspection. Whether it is your home or you are investing in property, this section provides articles on financing, purchasing and insuring property. He also gives us some perspective on the investment landscape for 2021. A retirement survey by Sanlam found that 51% of retirees cannot make ends meet, and one-third do not have enough money to cover... Have you heard of the term Sdudla? How does a balloon payment work? 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? GEPF Administration Office Building 2A, Trevenna Campus Corner Meintjies and Francis Baard Street Sunnyside, Pretoria. Water tankers do not reach all areas and people have to go to a stream to fetch water. Recovering costs. SAA staff exit payouts have begun. I recently came across it in relation to members of the GEPF, specifically members who are teachers and nurses. 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. The municipality says it is currently three million litres a day short for bulk water supply. 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. 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? 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. Where pensions fall behind inflation, GEPF also pay catch-up pension increases. Benefits are protected against inflation. This is the practice of resigning from your post to access your pension fund. Can I settle my car finance early and what happens if I want to give my car back? How do we... You could save hundreds of thousands of rands in tax, according to Sanlam Investments. 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. What questions should I ask my dealer? 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. All GEPF benefits are defined in the. Tel: +27 80 011 7669 Fax: +27 12 326 2507 The aim of Maya on Money is to help you with those day-to-day money decisions related to South African finance matters. All government employees whose conditions of service fall under the Public Service Act are members of GEPF. This is the practice of resigning from your post to access your pension fund. Buying a car can make or break you financially. ... though, he has not seen much increase in bitcoin payments. GEPF Administration Office Building 2A, Trevenna Campus Corner Meintjies and Francis Baard Street Sunnyside, Pretoria. If you require financial advice you need to contact a registered financial advisor. 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. Employment and Labour minister Thulas Nxesi announced on 8 February 2021, that the national minimum wage for domestic workers would increase from R15.57 to R19.09 from Monday 1 March. If a member dies, death benefits are paid to his/her beneficiaries, who can also claim benefits to help pay for funeral costs. In 2021/22 next financial year, the seven social grant categories will increase by between 4 and 4.7 percent. All Rights Reserved, Government Employees Pension (GEP) Law and rules. According to the latest valuation, undertaken as at 31 March 2014, GEPF is 100% funded. Credit is a fact of life, but how you manage that credit will determine your financial health. Retirement funds are our biggest asset after our home. In 2015 National Treasury introduced the tax-free savings account (TFSA) to reignite a savings culture among South Africans. The summer rainy season is in full swing in Gauteng. Managing your day-to-day money flows – it all begins here. On 1 March 2021 the Taxation Laws Amendment Bill of 2020 came into effect. This will result in an average tariff percentage increase of 15.63% in the 2021/22 financial year. Can I settle my car finance early and what happens if I want to give my car back? Protecting your assets is an important part of any financial plan. Designed to encourage long-term... Buying a home can be a very emotional experience. By Hyunjoo Jin - 11 February 2021 . This section covers everything from managing credit, reducing your debt to what to do if your debt is becoming unmanageable. 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.
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