Question:
On my pay slip shows "retirement fund - R35 000" & "non-retirement fund - R14 000". I was paid about R12 000 when I was retrenched.
Answer:
Justin,
The R35 000 and R14 000 refer to your retirement and non-retirement funding income. Your retirement fund contributions are calculated with reference to your retirement funding income. The amount you received depends on the amount invested in your retirement fund (which is the monthly contribution rate less deductions for admin and risk premiums), the length of time you were invested, your investment return, the fees you paid and the tax deducted off your savings. Without any of this information. we cannot comment on whether your pay-out is reasonable or not.
The information and answers supplied in this section do not constitute advice as defined by the Financial Advisory and Intermediary Services Act, 37 of 2002.
