What benefits does your fund offer you?
Risk Benefits Defined
Please note the the risk benefits our members automatically have at their disposal. These benefits are paid for by the employer on their contribution of 18% of member salary per month. The current cost for such is +/- 4% for members employed more than 3 years and +/-2% for newly employed members (less than three-year service). You must also remember that our members can choose to contribute any of the following contribution rates: 5%, 7.5%, 9%, 12%, 15%, 18%. The member can also switch in between investment portfolio’s depending on their investment strategy. The portfolios are; KZN Aggressive; KZN Managed; KZN Moderate; KZN Defensive; Money Market and; Islamic Funds.
Death Benefit (First row)
The death benefit differs as normal calculation in that your annual salary is multiplied on a sliding scale according to your age group. The new members’ death benefits are calculated based on their annual salaries multiplied by 1.5, irrespective of their age.
Disability Benefit (Second row)
Members get temporal and/ permanent disability benefit pay out. The process begins when you have been temporarily boarded off by the employer because of an illness/ injury which demands that you be away from work for more than three months (which is the waiting period prescribed by employer where you are paid from your accumulated leave). After the waiting period your payroll details are then handed over to the Fund TTD program which pays you from an insurer claim of the time a temporal disability lump sum from which you’ll be paid 75% of your salary for 21 months (note the shortfall of 25% which you must prepare for from your savings or adjust your living expenses to accommodate 75% of your salary (temporal disability payment structure). The other solution to the observed shortfall is encashment of your leave, but this highly depends whether you have leave days due to you or not. Please note that the TTD payment process is still paid for by the Municipal payroll.
The permanent disability payment is made after the temporal disability period has been completed. Also note that the Total Disability pay out may be effected provided all stakeholders (member, employer, insurer and Fund) agree that the member’s illness or injury would prevent the member from being able to continue with his/her duties. Note that the employer also reserves the right to effect dismissal on the basis of incapacity due to ill-health. However, such incidences are very minimal in the council…probably because they are not the Funders of the disability pay out process.
Funeral Benefit (Last row) For your immediate family only (main member; spouse and; children), if you wish to provide for other family members please take private risk benefit policies. The mother must be 7 months into her pregnancy for any stillborn claim to be considered. A child over 22 years old is not covered.
Iziphi izinzuzo ezitholakala esikhwameni sakho?
Incazelo Yezinsiza Kuphila
Sicela uqikelele ukuthi izinsiza kuphila ezinikezwa amalungu esikhwama. Lezizinzuzo zikhokhelwa umqashi ngeminikelo yakhe kwilungu ngalinye engu 18% weholo lalelolungu lanyanga zonke. Izindleko zalezinsiza kuphila zilinganiselwa ku 4% weholo lanyangazonke lalawo malungu aseqashwe ngumkhandlu ngaphezulu kweminyaka emithathu (3 years) kanti izindleko zalawo malungu asaqashwe ngaphansi kweminyaka emithathu (phecelezi amalungu amasha) zilinganiselwe ku 2%. Khumbula ukuthi amalungu anagakhetha ukubeka noma yiliphi kulama phesenti alandelayo eholo lawo: 5%, 7.5%, 9%, 12%, 15%, 18%. Ilungu lingashintshanisa izikhwanyana zokutshalwa kwezimali zalo ngokohlelo lokutshala elizikhethele lona. Izikhwanyana zesikhwama yilezi ezilandelayo; KZN Aggressive; KZN Managed; KZN Moderate; KZN Defensive; Money Market kanye nesikhwanyana se-Islamic.
Izinzuzo Ezitholakala uma Ilungu Lishonile (Zikulayini wokuqala)
Izinzuzo zokushona ziyehluka kwizibalo ezejwayelekile ngokuthi umholo wakho wonyaka uyaye uphindaphindwe ngezinombolo eziya zehla ngokweqembu lobudala lakho. Izinzuzo zokushona zamalungu amasha zona zibalwa ngokokuphindwaphindwa kwamaholo onyaka ngenombolo u- “1.5”, akukhathalekile ukuthi umdala kangakanani.
Izinzuzo Zokungaphili (Zikulayini wesibili)
Amalungu athola izinkokhelo zokungaphili kwesikhashana kanye nokungaphili konomphelo. Loluhlelo luqala ngesikhathi uphunyuzwa kwesikhana umqashi ngenxa yokungaphili noma yokulimala okudinga ukululamela ngasekhaya ngaphezulu nwezinyanga ezintathu (okuyisikhathi sokuzanelisa kumqashi oholelwa ngezinsuku zakho zokungaphili). Emva kwesikhathi sokulinda (waiting period) umholo wakho ube usukhishwa yisikhwama ngemali yokukhubazeka kwesikhashana ezitholakala kumshwalense wokukhubazeka kwesikhashana la ukhokhelwa khona u 75% weholo lakho izinyanga ezingu 21 (nakisisa ukuthi kushoda ngo 25% weholo lakho okumele ukulungiselele ngemali oyongile noma kumele wehlise izindleko zakho ukuze zenele iholo lokungaphili elingu 75% weholo lakho elejwayelekile. Enye indlela ongaphelelisa ngayo iholo lakho lokukhubazeka kwesikhashana kungaba ukudayisa izinsuku zakho zelivu, kodwa lokhu kuncike kakhulu ekutheni usenazi yini izinsuku zelivu. Uhlelo lokukhokha lokukhubazeka konomphelo lwenziwa emuva kokuqeda uhlelo lokukhubazeka kwesikhashana. Nakisisa ukuthi ukukhokhwa kwezimali zokukhubazeka unomphelo lungenziwa uma bonke abathintekayo (ilungu, umqashi, abomshwalense nesikhwama) bevumelana ngokuthi ukugula noma ukulimala kwelungu kuzoluvimbela ukuqhubeka nokwenza umsebenzi walo. Phinda unakisise ukuthi umqashi unelungelo lokukuxosha ngenxa yokuhluleka ukwenza umsebenzi owuqashelwe ngesizathu sokungaphili. Kodwa, lezizimo zincane kakhulu kuMaspala …cishe ngenxa yokuthi umqashi akuyena osuke ekukhokhela ngesikhathi sokungaphili.
Umasingcwabisane (Kulayini wokugcina)
Lomasingcwabisane ngowendlu yakho kuphela (ilungu; umaqondana Kanye nezingane), uma ufisa ukuhlelela amanye amalungu omndeni sicela uzithathele amapholisi angasese. Ukuze uthole imali yengane eshone ingakazalwa kumele kube ngukuthi umama wayo ubesenezinyanga ezingu 7 ezithwele. Umntwana ongaphezulu kweminyaka engu 22 yobudala akakhokhelwa.