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Military Pensions Adjusted

March 24, 2021

National Treasury

Military pensions have been adjusted.

National treasury published the new amounts in Government Gazette 44292 in terms of the Military Pensions Act.

The act refers to various formulas to be used in the determination of pension pay outs for South African National Defence Force members injured or disabled while performing military service.

In terms of formula one, the amount to be determined by the finance minister is set at a minimum of R 102 096.60.

As regards formula two, the amount stands at R14 911.80.

The notice also sets the gratuity to be paid to a member who suffers from a pensionable disability determined at 10% or less at R9 942.

The gratuity for a pensionable disability determined at more than 10% but less than 20% will be R19 882.00.

New amounts are also provided for those with a matric certificate or a three-year bachelor’s degree.

The adjusted amounts came into effect on 1 April 2019.

Meanwhile, in Gazette 44293, the Independent Regulatory Board for Auditors published proposed amendments to the Code of Professional Conduct for Registered Auditors.

Comment on the proposed revisions to the definitions of listed entity and public interest entity in the Code is invited until 19 April 2021.