How long does Provident fund take to pay out? A provident fund is a retirement fund run by the government. They are generally compulsory, often through taxes, and are funded by both employer and employee contributions. Governments set the rules regarding withdrawals, including minimum age and withdrawal amount.
How long does Provident fund take to pay out in South Africa?
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), according to 10X, it normally takes 14 to 21 business days to receive your provident fund pay-out. If it takes longer, you should follow up with the administrator to see what is holding up the process. If the administrator does not give you any joy, you should follow up with your previous HR department to ensure they follow up on this matter.