Can I withdraw my provident fund?

Yes, you can withdraw your provident fund in South Africa. However, there are some rules and restrictions that you need to be aware of.

To withdraw your provident fund, you must first apply to your provident fund administrator. You can usually do this online or by filling out a paper form. You will need to provide your personal details, your provident fund account number, and the reason for your withdrawal.

There are three main reasons for which you can withdraw your provident fund:

  • Retirement: If you are retired, you can withdraw your provident fund in full.
  • Emigration: If you are emigrating from South Africa, you can withdraw your provident fund in full.
  • Hardship: If you are experiencing financial hardship, you may be able to withdraw some or all of your provident fund.

If you resign, or you are retrenched, you are allowed to withdraw from your employer-sponsored retirement fund (that is a pension or provident fund). The “benefit” you can claim is the balance in your retirement account. Once you have withdrawn, you have no other claim against that fund.

Before retirement, you can only access your provident fund if you resign from your current employer. You can then withdraw from the provident fund, and claim your fund credit as a cash lump sum. You will pay tax on any lump sum above R22 500. You other option is to apply for a loan, but this must used for a purpose as contemplated by s19(5) of the Pension Funds Act (essentially housing-related), and such loan must be permitted by your provident fund’s specific rules.

Does Provident Fund accumulate interest?

Interest Rate. The interest rate for the EPF for the year 2018-19 currently stands at 8.65 percent. However, this interest is not applied at the end of the year but it is calculated at the end of every month. It is then deposited into the EPF account after the financial year is complete.

Things to keep in mind about withdrawing your provident fund in South Africa:

  • You cannot withdraw your provident fund before you are 55 years old, unless you are withdrawing for hardship reasons.
  • If you are withdrawing your provident fund for retirement or emigration, you may be able to withdraw your money tax-free, up to a certain amount.
  • If you are withdrawing your provident fund for hardship reasons, you may have to pay tax on your withdrawal.
  • You may be able to transfer your provident fund money to a retirement annuity, which can provide you with a monthly income in retirement.

Overview of Public Universities in South Africa

Here's an overview of some public universities in South Africa, including general admissions requirements and estimated application periods. Keep in mind, specific program requirements and dates can vary significantly, so it's important to check each university's official website for the most current information.

University of Pretoria

  • Admissions Requirements: National Senior Certificate with minimum scores in specific subjects related to the chosen program; for international students, equivalent qualifications.
  • Application Period: Usually opens in March and closes at the end of July for most programs.

University of Cape Town

  • Admissions Requirements: National Senior Certificate with pass levels required for degree study; subject-specific requirements depending on the program.
  • Application Period: Application opens in April and closes at the end of July.

Stellenbosch University

  • Admissions Requirements: National Senior Certificate with required marks; some programs have additional testing.
  • Application Period: Opens in March and typically closes at the end of June.

University of the Witwatersrand

  • Admissions Requirements: Matriculation certificate with university exemption; required scores vary by faculty.
  • Application Period: Begins in March and ends on the 30th of September.

University of Johannesburg

  • Admissions Requirements: Matric exemption with a minimum APS score; specific subject requirements based on the faculty.
  • Application Period: Opens in April and generally closes by the 30th of September.

University of the Free State

  • Admissions Requirements: National Senior Certificate with specific marks for the program applied to; additional requirements for certain courses.
  • Application Period: Typically opens in April and closes at the end of August.

University of Venda

  • Admissions Requirements: Completion of the National Senior Certificate with an endorsement for diploma or degree studies; specific APS scores needed.
  • Application Period: Usually from May to September.

University of Fort Hare

  • Admissions Requirements: National Senior Certificate with university exemption; certain programs may have specific requirements.
  • Application Period: Opens around May and closes at the end of September.

University of the Western Cape

  • Admissions Requirements: National Senior Certificate with specific performance levels; additional requirements for certain programs.
  • Application Period: Generally from May to September.

North-West University

  • Admissions Requirements: National Senior Certificate with university exemption; program-specific requirements may apply.
  • Application Period: Opens in March and usually closes by the end of August.

Rhodes University

  • Admissions Requirements: National Senior Certificate or equivalent; minimum academic performance in certain subjects.
  • Application Period: Applications open in April and close at the end of September.

Nelson Mandela University

  • Admissions Requirements: National Senior Certificate with required scores for chosen programs; portfolio or additional tests for some faculties.
  • Application Period: Opens in April, with a deadline at the end of August for most programs.

Cape Peninsula University of Technology

  • Admissions Requirements: National Senior Certificate with specific scores; additional requirements for certain courses.
  • Application Period: Opens in May and typically closes by the end of September.

University of Limpopo

  • Admissions Requirements: Senior Certificate with endorsement for diploma or degree courses; specific APS scores for different programs.
  • Application Period: From April to September.

University of Zululand

  • Admissions Requirements: National Senior Certificate with an endorsement for bachelor’s degree studies; specific score requirements for various programs.
  • Application Period: Usually between April and November.

Central University of Technology

  • Admissions Requirements: National Senior Certificate with specific scores for the chosen field of study; additional criteria for certain programs.
  • Application Period: Application period generally starts in May and ends in October.

Vaal University of Technology

  • Admissions Requirements: National Senior Certificate with a pass that qualifies for admission to bachelor’s degree, diploma, or higher certificate programs.
  • Application Period: Typically from May to September.

Walter Sisulu University

  • Admissions Requirements: National Senior Certificate with required scores for chosen programs; additional criteria for certain faculties.
  • Application Period: From April to September.

This list provides a starting point for understanding the admissions landscape across South Africa's diverse higher education institutions. Given the variability in programs and requirements, it's crucial to consult each university's website for the most accurate and up-to-date information.

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