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DO MEMBERS WHO TAKE EARLY RETIREMENT RECEIVE THE SAME BENEFITS AS MEMBERS GOING ON NORMAL RETIREMENT?

Depending on the conditions of service, members can retire before the age of 60 but this might require additional approval from the employer.

However, what determines the benefits of the member will receive on early retirement is whether he or she has more or less than 10 years of pensionable service in government.

It is important to note that a member who decides to go on early retirement with less than 10 years of pensionable service will only receive a cash lump sum as a gratuity, without a monthly pension (annuity).

If a member has over 10 years of pensionable service and decides to go on early retirement, he or she will be entitled to a cash lump sum and a monthly pension which will be reduced by 0,33% for each month between the date of retirement and the age of 60. The mentioned reduction is a once-off reduction done at the time of the pension pay-out.

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NAPTOSA INsight

NAPTOSA INsight Volume 11 Issue 2, September 2017 is now available for viewing : Go there


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