Question:
If you retire, does your salary stop after the last day of your retirement or it continues as normal? ( I heard that the waiting period is 2-3 mnths for a Lump sum to be paid out .)
Answer:
Ndileka, It is not really a waiting period, more a "slow administrators with poor processes" kind of a delay. But yes, salaries do tend to stop in the month that you stop working, so you could have a cash flow problem for a couple of months. Ideally, you will have savings set aside to cover you for this period. You may also be paid out any leave pay due, so make sure you have your full permitted entitlement accrued at the time your retire - 30 days leave would provide you with income for a month and a half. At 10X the waiting period for a lump sum to be paid out is 14 business days (provided all documents are in order) so our members typically don't have this problem.
