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City Press reports that state employees will soon be able to retire early with no penalties, but conditions will apply.
In his budget speech on 20 February, Finance Minister Tito Mboweni announced an early retirement scheme for public servants, where members of the Government Employees Pension Fund (GEPF) could take early retirement without penalties. According to the public service early retirement framework, the offer for early retirement will begin on 1 April and will stand until 30 September. At that time, Treasury will assess whether there are sufficient resources to continue with the offer for the remaining two years of the medium-term expenditure framework. The process to apply for early retirement will be open to all public servants between the ages of 55 and 59. Employees in the police, correctional services, defence and intelligence sectors will qualify in terms of their own legislation. Each application will be considered on its merits and it does not automatically mean a member will qualify. Firstly, it is limited to 30,000 applications, which will be filtered based on skills, efficiency and personal circumstances. Efficiencies in each sector will be considered. The framework document makes it clear that this is not a retrenchment process. The early retirement scheme will cost government approximately R16 billion, but will save about R20.3 billion on the wage bill over the three years
- Read more of this City Press report by Maya Fisher-French at SA Labour News
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