How do you pay the cost of purchasing the nominal service period?
- Via first cash payment equal to 50 percent of the total purchase cost.
- The rest of the purchase cost is paid in monthly installments no less than a quarter of the monthly salary provided that the installment period does not exceed four years, or the date by which the insured turns 60 years old, whichever comes earlier.
- The insured must submit an acknowledgment to deduct purchase cost installments from his/her monthly salary until full payment is made and a release from the GPSSA is granted.
- If the insured individual’s service ends without payment of the total purchase cost, the purchased period is calculated against the amounts already paid.
- The remaining installments of the purchase cost shall continue to be paid by deducting it from the pension of the insured individual’s beneficiaries in the event that the service of the insured ends by death before it is paid in full.
