BENEFITS

RETIREMENT

On retirement a member will receive a lump sum comprising of:

The total sum of the employers contributions with investment growth;
The total sum of the employer’s contribution less cost
Plus the transfer amount with investment growth

WITHDRAWAL

On withdrawal a member will receive a lump sum comprising of:

The total sum of the employers contributions with investment growth;
The total sum of the employer’s contribution less cost
Plus the transfer amount with investment growth

DEATH & DISABILITY

On death and disability a benefit of three times annual salary plus a lump sum comprising of:

The total sum of the employers contributions plus with investment growth;
The total sum of the employer’s contribution plus investment growth less costs
Plus the transfer amount with investment growth will be paid

FUNERAL

Cost effective funeral cover and assistance underwritten by SAFRICAN Insurance Company.

Funeral policy 2017 communication.

The current funeral benefit schedule can be found here.

BURSARY

The Municipal Workers Retirement Fund has set up a bursary scheme for members’ dependants. The bursary scheme is applicable to tertiary education and is only awarded to students who have achieved outstanding matriculation results.

The Fund sponsors five new students and the existing students per year.

The closing date to apply for the bursary scheme is 31 October yearly.

HOME LOANS

Members must apply at the First National Bank (FNB) for which the Fund will provide a guarantee. This loans will be granted and payable on condition set up by the conditional consent. Members should contact their Human Resources for further information on home loans.