Kaya 959 Kaya Biz

5.5% pension increase for GEPF members

Loading player...
The Government Employee Pension Fund (GEPF) has announced that its pensioners will receive an annual pension increase of 5.5% from April 1, 2022.
According to the fund, it instituted the increase to enable its beneficiaries to keep up with rising inflationary rates.
“This pension increase is based on the 5.5% inflation rate for the 12 months ending 30 November 2021, thus making the increase equal to 100% of the consumer price index (CPI) and higher than the 75% of consumer price index (CPI) provided in terms of GEP law and rules,” GEPF said in a statement.
“Pensioners who retired on or before April 1, 2021, are to receive the full increase of 5.5% as of April 1, 2022. Pensioners who retired after April 1, 2021, are to receive a proportionate increase based on the number of months they have received pension by March 31, 2022.”
When formulating the pension increase, the fund says it considered the following:
• The investment returns earned over the year,
• The level of inflation over the same period,
• How both relate to the assumptions adopted in the statutory valuations and
• How the increase will impact the financial position of the fund.
9 Mar 2022 4AM English South Africa Business News · Investing

Other recent episodes

The Mental Health Cost of Financial Stress

Financial stress has emerged as one of the biggest threats to South Africans' mental wellbeing. Dr Rachel Moore, Chief Medical Officer at Mediclinic Southern Africa, discusses the psychological impact of economic pressure, barriers to accessing mental healthcare and what can be done to reduce stigma and improve support.
22 Oct 2PM 12 min

KPMG Africa CEO Outlook: Confidence vs Execution

African CEOs remain confident about growth despite geopolitical tensions, economic uncertainty and disruptive technological change. Tola Adeyemi, CEO of KPMG One Africa, unpacks why execution has become the defining leadership challenge, and why many organisations are still struggling to keep pace with artificial intelligence
22 Oct 1PM 20 min

South Africa’s Economic Report Card After the MTBPS

Finance Minister Enoch Godongwana's Medium-Term Budget Policy Statement paints a mixed picture of South Africa's economy. Revenue collection is outperforming expectations, and fiscal stability appears to be improving, yet growth forecasts have been downgraded amid infrastructure constraints and global risks. Dr Nwabisa Kolisi of the HSRC unpacks what the MTBPS…
22 Oct 12PM 9 min

Clicks Crosses R50bn: Growth Through Scale

Clicks Group has become a R50 billion turnover business, cementing its position as one of South Africa's retail success stories. CEO Bertina Engelbrecht discusses the drivers behind the milestone, changing consumer behaviour, pharmacy-led growth and how the retailer plans to expand while navigating a tough consumer environment.
22 Oct 12PM 15 min

Strong Cash Flow, Softer Profits: Inside Famous Brands' Interim Results

Famous Brands delivered a resilient performance in difficult trading conditions, growing revenue and more than doubling free cash flow while navigating consumer pressure and global uncertainty. CEO Darren Hele discusses cash generation, expansion plans, shareholder returns, challenges in key regional markets and what current trading conditions reveal about South African…
21 Oct 1PM 14 min
All episodes