The Government Employees Pension Law provides different things to the people. Some of this includes
- administration of the Fund including extensive accounting,
- reporting and auditing arrangements;
- dissolution of the Fund; and
- protection of rights of members
- membership of and contributions to the GEPF;
- benefits to members and all the rules relating to this;
- transitional arrangements and transfers between funds;
- funding and financial soundness of the GEPF;
- withdrawal from the Fund;
Other than this, the Government and pension funds also provide different types of death benefits as well as early withdrawal benefits. The death benefits depends upon the salary structure of the person as well as on his or her years of service as well. Other than this, the early withdrawals can be done in case of resignation from the job or in case of transfers in certain cases.
In case of female members, they will get similar benefits in case of their male counterparts. This is true in almost all the countries. This is also one of the facts that the government does not differentiate between male and female. All the employees in the government job are expected to contribute to their pension funds at a rate of 7,5% of their salaries.
Some of the Retirement benefits that the employees will receive when they are retiring includes the following:
- Final salary
- Pensionable emoluments
- Pension age
- In accordance with service conditions.
- The basic annual salary plus any other emoluments recognised as pensionable.
- Average pensionable emolument during the last 24 months of service.
- Gratuity
|
