Business

How long is the waiting period for provident fund pay-out?

Question:

How long is the waiting period for provident fund pay-out? I have submitted all necessary documentation to the company I worked for. I've been waiting for almost 3 months now. Please explain this to me, as I don't know how it works.

Answer:

Provided your tax affairs are in order, and you have submitted all the required documents (such as a copy of your ID, a completed instruction form stating where the money should go, and proof of banking details), it normally takes 14 to 21 business days for the funds to be paid out at 10X.

Most other administrators take a bit longer. If it takes much longer, you should follow up with the administrator to see what is holding up the process, to confirm they have received all the required documents, and that there were no problems with SARS that you need to resolve. If the administrator does not resolve the issue, you should follow up with your previous HR department to ensure they follow up. Note that the clock only starts once the administrator has received your last contribution, or your instruction form, whichever arrives last.

To preserve your provident fund capital read more here.

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