Question:
Hi, I have been working for a security company with a basic salary of about R24 41.92 for 4 years. The provident fund was holding R183.14. I would like to know how much I can expect to be payed out? Also, I signed the provident fund papers on the same day I was dismissed (31/10/2013) at the security company I worked for. They told me I must wait about 6 months to be payed out. Should I be worried?
Answer:
Thando,
Unfortunately, we cannot advise you how much money you will receive as we do not know how much of your contribution was invested, and how it was invested, and what return it earned and what fees were deducted. Six months is a very long time to wait for a provident fund pay-out. At 10X, it normally takes less than one month. If six months is the standard for your fund, then you probably don't need to be worried, although you should follow up to ensure that your documents are all in order to avoid any further delay.
