The Portfolio Committee on Public Service and Administration received a briefing yesterday from the Government Employees Pension Fund (GEPF) on the fund’s state of readiness to implement the two-pot system to its almost 1.3 million public servant members when the new system comes into effect on 1 September 2024.
The committee welcomed the preparations that aim to ensure GEPF members have a user-friendly experience when using the online application system to access their pension fund information. This “app” will give members a dashboard view of their retirement pots and an opportunity to withdraw funds from the savings pot, as per the new rules of the two-pot retirement system.
The committee noted the concerns that some public servants do not understand how the new two-pot system works, but the committee is encouraged by the GEPF’s commitment to continue educating its members.
The committee also welcomes the legislation’s intention to protect South Africans’ retirement savings, as well as the fact that members will be able to access a component of their savings before retirement without having to resign from their job. This is intended to help them in times of unforeseen financial emergencies.
The committee calls upon members of the public service to highlight any frustrations with the implementation of the new system so that the committee can adequately fulfil its oversight responsibilities over the GEPF and its execution within the rules of the new two-pot retirement system.
little cobra
Why’d the blonde math major only apply to colleges in South Africa? She wanted to attend a party school where she couldn’t fail at integrating.
K-Tin Man
Van der Merwe goes to Paris to watch the Boks take on the Brits at the world cup.
Whilst in Paris, he walks around, gaping and staring at everything – so much so that he walks smack bang into a fire hydrant which hits him so hard on the family jewels that he has to be rushed to hospital where the doctors tell him they have to remove his testicles.
Van goes berserk, he bites and snarls at every one and he won\’t let anybody within 10 metres of him. Eventually they find a South African doctor in the hospital and get him to talk to Van.
He walks up to Van and tells him \”Hey Van, die ouens moet jou knaters uithaal.\”
Van replies \”O, okay, ek dog die bliksems wil my test tickets vat.\”