Changes to Retirement Age of South African Public Servants Contrary to what has been reported or assumed, changes to the retirement age of public employees in South Africa have not been proposed nor have they been effected, and terms of public employees’ retirement continue as per the 1994 Public Service Act, which specifies the regular retirement age as 65 and the early retirement age—usually with pension deductions—as 55.
What Is The Situation With GEPF? Clarifying the Matter
In the context of the GEPF, unlike the common misconception, it has not effected any changes to its retirement age. As per their latest public notice, nothing has changed and the retirement age of 60 still applies to their members.
Where Did the Confusion Come From?
From social media, falsehoods about retirement ages of 67, 70, or older bring out the same concerns every other time. There is not a single word of truth in these. Such baseless claims have no support nor are they grounded in truth and no legislation, official structure, or authentic authority provides even a shred of support to such wild conjectures.
Retiring in Reality: Navigating Beyond the Age of 65
As the age of retirement in the policy books stays at 65, the truth on ground is far from it. The findings of Sanlam paint the picture South Africans face a retirement age of 65 but to retire comfortably they need to work until 80. This gap in savings, sadly, is the reality for most. Wits University further adds to the narrative of work and retirement with the fact that retirement is not a single happening. It is a phase which spans 10 to 15 years, a phase of financial planning, meaningful engagement, and work.
Considerations of Retirement for an Employee
- Understand Your Contract: Look through your employment contract to understand if your employer has set a retirement age of 60, 65, or some other age.
- Agreed Upon Extensions: Work with your employer to get in writing if the retirement age can be extended.
- Retirement Age is Financially Flexible: Sticking to a fixed age to retirement may lead to financial trouble in the long run and may require more years of work to overcome the difficulties in retirement.
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