For government employees and retirees in South Africa, the Government Employees Pension Fund (GEPF) recently announced a 6% annual pension increase, which took effect on 1 April 2024. This increase aligns with the GEPF’s commitment to helping pensioners keep up with inflation, while ensuring the fund’s long-term sustainability. Here’s a breakdown of the 2024 GEPF pension increase, eligibility, and its significance for pensioners in South Africa.
1. Details of the 2024 Pension Increase
The GEPF has granted a 6% increase for pensioners who retired on or before 1 April 2023. For those who retired after this date, the increase will be proportionate to the number of months they have been receiving a pension as of 31 March 2024. This proportional increase ensures that all pensioners benefit fairly based on their tenure.
2. How the Increase Compares with Inflation
This year’s increase takes into account the 5.5% inflation rate recorded for the year ending 30 November 2023. The 6% pension increase exceeds the inflation rate, amounting to 109.1% of the Consumer Price Index (CPI), as permitted by GEPF Law and Rules. This decision is part of GEPF’s strategy to adjust pensions in line with inflation to help retirees manage rising costs of living.
3. Why the GEPF Increase Matters
GEPF’s annual increases are not just inflation adjustments; they also reflect the Fund’s commitment to balancing the welfare of pensioners with long-term financial health. By granting an above-inflation increase, the GEPF aims to:
- Support Pensioners’ Buying Power: Higher pensions can help retirees manage essential expenses despite inflation.
- Sustain Fund Health: The GEPF Board carefully assesses investment performance and financial health before approving increases, ensuring the sustainability of future pensions.
4. Who Qualifies for the 6% Increase?
- Retired on or Before 1 April 2023: Eligible for a full 6% increase.
- Retired After 1 April 2023: Eligible for a proportional increase based on months receiving a pension by 31 March 2024.
This distinction allows newer pensioners to receive an adjustment that reflects their shorter time in retirement without compromising the fund’s overall financial integrity.
5. GEPF’s Commitment to Sustainable Increases
The GEPF prioritizes maintaining a balance between affordable pension adjustments and the financial health of the fund. Any increase above the standard stipulated in GEPF Law and Rules is only approved after considering the fund’s investment performance, financial health, and inflation impact on pensioners.
As of 2024, the Fund reaffirms its mission to provide a stable and dignified retirement for its pensioners. This 6% increase illustrates GEPF’s commitment to helping pensioners keep pace with inflation without compromising fund sustainability.
6. Contacting GEPF for More Information
If you have questions or need further assistance regarding the pension increase, reach out to GEPF through:
- Call Centre: 0800 117 669
- Email: enquiries@gepf.co.za
- Twitter: @GEPF_SA
This annual pension increase provides much-needed relief for GEPF pensioners amid economic challenges. By staying informed, pensioners can make the most of this increase and better manage their financial well-being.
Overview of Public Universities in South Africa
Here's an overview of some public universities in South Africa, including general admissions requirements and estimated application periods. Keep in mind, specific program requirements and dates can vary significantly, so it's important to check each university's official website for the most current information.
University of Pretoria
- Admissions Requirements: National Senior Certificate with minimum scores in specific subjects related to the chosen program; for international students, equivalent qualifications.
- Application Period: Usually opens in March and closes at the end of July for most programs.
University of Cape Town
- Admissions Requirements: National Senior Certificate with pass levels required for degree study; subject-specific requirements depending on the program.
- Application Period: Application opens in April and closes at the end of July.
Stellenbosch University
- Admissions Requirements: National Senior Certificate with required marks; some programs have additional testing.
- Application Period: Opens in March and typically closes at the end of June.
University of the Witwatersrand
- Admissions Requirements: Matriculation certificate with university exemption; required scores vary by faculty.
- Application Period: Begins in March and ends on the 30th of September.
University of Johannesburg
- Admissions Requirements: Matric exemption with a minimum APS score; specific subject requirements based on the faculty.
- Application Period: Opens in April and generally closes by the 30th of September.
University of the Free State
- Admissions Requirements: National Senior Certificate with specific marks for the program applied to; additional requirements for certain courses.
- Application Period: Typically opens in April and closes at the end of August.
University of Venda
- Admissions Requirements: Completion of the National Senior Certificate with an endorsement for diploma or degree studies; specific APS scores needed.
- Application Period: Usually from May to September.
University of Fort Hare
- Admissions Requirements: National Senior Certificate with university exemption; certain programs may have specific requirements.
- Application Period: Opens around May and closes at the end of September.
University of the Western Cape
- Admissions Requirements: National Senior Certificate with specific performance levels; additional requirements for certain programs.
- Application Period: Generally from May to September.
North-West University
- Admissions Requirements: National Senior Certificate with university exemption; program-specific requirements may apply.
- Application Period: Opens in March and usually closes by the end of August.
Rhodes University
- Admissions Requirements: National Senior Certificate or equivalent; minimum academic performance in certain subjects.
- Application Period: Applications open in April and close at the end of September.
Nelson Mandela University
- Admissions Requirements: National Senior Certificate with required scores for chosen programs; portfolio or additional tests for some faculties.
- Application Period: Opens in April, with a deadline at the end of August for most programs.
Cape Peninsula University of Technology
- Admissions Requirements: National Senior Certificate with specific scores; additional requirements for certain courses.
- Application Period: Opens in May and typically closes by the end of September.
University of Limpopo
- Admissions Requirements: Senior Certificate with endorsement for diploma or degree courses; specific APS scores for different programs.
- Application Period: From April to September.
University of Zululand
- Admissions Requirements: National Senior Certificate with an endorsement for bachelor’s degree studies; specific score requirements for various programs.
- Application Period: Usually between April and November.
Central University of Technology
- Admissions Requirements: National Senior Certificate with specific scores for the chosen field of study; additional criteria for certain programs.
- Application Period: Application period generally starts in May and ends in October.
Vaal University of Technology
- Admissions Requirements: National Senior Certificate with a pass that qualifies for admission to bachelor’s degree, diploma, or higher certificate programs.
- Application Period: Typically from May to September.
Walter Sisulu University
- Admissions Requirements: National Senior Certificate with required scores for chosen programs; additional criteria for certain faculties.
- Application Period: From April to September.
This list provides a starting point for understanding the admissions landscape across South Africa's diverse higher education institutions. Given the variability in programs and requirements, it's crucial to consult each university's website for the most accurate and up-to-date information.