Benefits

Old Age Pension: up to R2,000 monthly for the elderly

Are you wondering how the Old Age Pension works? Wonder no longer. Learn more about this financial aid for seniors that can guarantee continuous help!

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by José Gonçalo

01/11/2023 | Updated on 01/26/2023

Continuous financial aid to guarantee the quality of life for those who will face the challenge of old age

Old Age Pension
Read on and learn how the Old Age Pension program works and more. Source: Foster the Money

The Old Age Pension is federal aid for seniors struggling to support themselves. It is a monthly and continuous financial aid that all elderly people in the country can request.

Old Age Pension

Apply for the Old Age Pension: find out how

Apply to Old Age Pension and get access to a benefit that guarantees quality of life! Up to R2,000 monthly!

Do you want to learn more about it? Then keep reading! We’ll explain everything you need in detail!

How does the Old Age Pension work?

The third age should be a period of enjoyment of the experience and wisdom accumulated over the years of life.

However, many elderly people in our country still suffer from a lack of financial resources during this period. For this reason, some decide to renounce retirement and remain active in the labor market.

However, the idea is that they can enjoy their retirement without this type of concern. For this reason, the federal government has offered free financial assistance to seniors with financial difficulties.

Thus, all elderly people with a fixed residence in the country can count on a monthly subsidy to meet their basic needs. All you need to do is be over 60 and meet the income criteria.

The basic monthly subsidy is R1,980 indefinitely for seniors between 60 and 75 years of age. After age 75, the subsidy is readjusted, and payments increase to R2,000.

In 2018, the number of elderly people covered by this support already exceeded 3.6 million. That number represents 75% of the elderly population in South Africa, according to the website expatica.com.

Benefits offered by the Old Age Pension

Indeed, this financial aid is responsible for improving the quality of life of many elderly people and their families. However, this is only possible due to the particular characteristics of this aid.

Below, understand more about the structure of this aid knowing the important points of this project:

There are many ways to receive payments from this aid

Hand giving 3D rendered South African rand notes to another hand
Benefits offered by the Old Age Pension. Source: Adobe Stock

The Old Age Pension can be paid via electronic bank transfer. However, we know that not all seniors can use these technologies well. Therefore, it is possible to receive cash payments.

If the senior chooses this option, payments will be made at institutions such as nursing homes or federal payment points. The pension holder can also indicate the best day to receive the amount.

Elderly people with limited mobility can elect the person responsible for receiving the aid

In case of limited mobility, it is possible to indicate someone you trust to receive payments in cash.

To do so, it is necessary to prove the difficulty of locomotion and present a document that qualifies the person legally responsible for recording the payments.

No one other than the legal representative can receive the money for you.

Want to apply for the Old Age Pension?

If you are over 60, you may be eligible for Old Age Pension. To find out about other eligibility criteria and the application process, visit the post below. Surely, this one can clear all your doubts!

Old Age Pension

Apply for the Old Age Pension: find out how

Apply to Old Age Pension and get access to a benefit that guarantees quality of life! Up to R2,000 monthly!

About the author

José Gonçalo

I started reading about finance only to find better options than savings. Since then, I have never stopped studying finance, and I believe that writing about it is the best way to help individuals feel fulfilled and have a healthy financial life. Today, I balance finance and medical school studies.

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