The Older Person’s Grant, often known as the state old-age pension, is a monthly payment made to citizens, permanent residents, and refugees aged 60 and over who have no other source of income. This award is intended to assist our elderly seniors in managing their finances as they age.
You are eligible for an older person’s award if you meet the following criteria:
- You must be a South African citizen, permanent resident, or refugee.
- South Africa is my home.
- Are at least 60 years old.
- Are not residents of a state facility.
- Are not getting money from any other type of social aid.
- Your spouse must pass the means test.
- You must provide proof of your identification (ID).
- You cannot earn more than R86 280 as a single person or R172 560 as a married person.
- You have no assets worth more than R1 227 600 if single, or R2 455 200 if married.
How Much Does A Pension In SA Cost?
Pension rates and contributions in South Africa The current SASSA grant ceiling in South Africa is R1,780 per month, rising to R1,800 per month for persons over the age of 75.
Who Is Eligible For A Pension In South Africa?
Individuals must have an income of less than ZAR 73 800 for singles and ZAR 147 600 for couples, as well as no more than ZAR 1 056 000 in assets for a single person and ZAR 2 112 000 for a pair, to qualify for the pension. The monthly benefit amount is up to ZAR 1 600 for individuals and ZAR 3 200 for couples.
Can You Claim Sassa While Working?
You can still apply for a grant if you work or have another source of income but still require social assistance. Sassa requires you to report all of your income and assets.
What Is South Africa’s New Retirement Age?
The pension fund regulations stated that an employee who achieved the regular retirement age of 60 “may stay in service and retire at a date not later than the last day of the month in which the member attains the age of 67,” subject to the employer’s approval.
Who Is Eligible For Early Retirement (ER) Without A Pension Reduction?
Public employees over the age of 55 who have not yet reached the age of 60 and choose to retire may apply for early retirement without penalty.
