MIBFA (2024)

FAQs

How long does Mibfa take to pay-out? ›

It will take anything between 4 and 16 weeks to effect the pay-out, provided your tax affairs are in order.

Please enter your ID number and password below to display your benefit/surplus statements. Surplus Statements will only be issued to members who qualify. Click on the icon below to download. “Please either phone or ask your HR to phone the MIBFA Call Centre (Tel: 0860 102 544 ) to obtain your password.”

For your provident fund payout, the timeline depends on the administrator's efficiency and dedication. Assuming your tax affairs are in order, with 10X you can typically expect a provident fund pay-out within 14 to 21 business days once all necessary documents are in order and contributions are invested.

No, this is not permitted - you can only withdraw when you leave your employer (on resignation, dismissal, retrenchment).

That depends. Some pensions end at death, meaning that no beneficiary or family member gets to claim the pension. But other pensions provide for payments to a surviving spouse or dependent children—for a few years for some, and longer for others.

Provident Fund Balance is calculated adding the contribution of both the employer and employee. 12% of the salary that is contributed by the employer and 3.67% by the employee. Whether the 12% contribution by employer is to be calculated on basic pay or gross salary depends on basic pay of the employee.

Employees can check the status of their PF claim by giving a missed call to 011-22901406 using their registered mobile number.

INCOME AND BENEFITS PAID

In terms of the Industrial Agreement, members contribute 7.5% of pensionable remuneration. Employers contribute at a rate of 7.7% of pensionable remuneration.

How do I get my provident fund money? ›

You need to contact the HR department of each of your former employers and a) find out where your money is; 2) request a withdrawal form if the money is still in the employer's retirement fund; or 3) request the contact details for the administrator who looks after the unclaimed benefit fund if the money has already ...

Claims procedure

For claim procedures, kindly contact MIFA on query@mifa.org.za or visit the website for the claim application forms at www.mirf.co.za. Your local MIBCO office will also be able to assist you and claim forms should be submitted through MIBCO. The general contact number is 086 166 4226.

at the time of resignation, as this component must be preserved until retirement. This means that going forward, members will no longer be able to cash out 100% of their pension/ provident fundRetirement funds offered by employers to employees savings at resignation. One-third of contributions from 1 September 2024.

In theory it does not prescribe; however the money will be transferred to an unclaimed benefits fund in due course, and the fund rules may provide that the amount is written back after a set period (although National Treasury wants to prohibit this).

If you retire, you can only cash out up to one third of the money in your pension fund. The balance will be paid as fixed sum of money monthly.

Under the current rules, when a member of a pension or provident fundRetirement funds offered by employers to employees resigns from their employer, the member can opt to preserve their retirement savings in the employer fund as a paid-up member or in a preservation fund of their choice.