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GPSSA

Submitted by admin on
Question
How can the cost to purchase a service period be paid and settled with GPSSA?

The cost of purchasing a service period is calculated based on the insured's contribution salary at the time the application is submitted, multiplied by the number of months and days that the insured wishes to purchase.

The cost to purchase a service period can be paid by:
§An insured individual
§An individual's employer
§An insured individual and an insured individual's employer

Further, the payment can be made as follows:

Insured: An insured individual can choose to settle a payment through:
§a one-time payment
§paying an advance payment of 50 per cent of the total costs and the remaining installments on monthly basis

Employer: An employer can only settle a payment through a one-time payment.