How much can a pensioner earn? 2023-2024
How much can a pensioner earn? 2023-2024
Pensioners in South Africa are allowed to earn additional income while receiving a pension, but there are limits on the amount of income that can be earned before it affects their pension payments. The amount that a pensioner can earn depends on the type of pension they are receiving.
- For those receiving a state pension, such as the old age grant or disability grant, the limit on additional income is currently R89,000 per year. This means that a pensioner can earn up to R7,417 per month in additional income without affecting their pension payments. If a pensioner earns more than this amount, their pension may be reduced or stopped altogether.
- It is important to note that any income earned from work or investments must be reported to the South African Social Security Agency (SASSA). Failure to report income may result in the pensioner being charged with fraud and having to repay any amounts received incorrectly.
- For those receiving an occupational or private pension, the rules regarding additional income may vary depending on the specific pension scheme. Pensioners should check with their pension provider to understand the rules and regulations that apply to their specific pension.
- In addition to income from work, pensioners may also earn income from investments, such as rental income or dividends from stocks. The income earned from investments is also subject to the same limits as income from work.
- It is worth noting that earning additional income as a pensioner can have an impact on the pensioner's tax obligations. Pensioners are required to pay tax on any income earned, including income from work and investments. However, pensioners may be entitled to certain tax deductions and exemptions, depending on their age and income level.
Overall, pensioners in South Africa are allowed to earn additional income while receiving a pension, up to a certain limit. The limit on additional income is currently R89,000 per year for state pensioners. Pensioners should report all income earned to SASSA and should check with their pension provider regarding any specific rules and regulations that may apply to their specific pension. Pensioners should also be aware of their tax obligations and should seek advice from a qualified tax professional if necessary.
SOCIAL GRANTS
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Care Dependency Grant
Child Support Grant
Disability Grant
Foster Child Grant
Grant-In-Aid
Older Persons Grant
Social Relief of Distress
War Veterans Grant
Visit the SRD website at
- Email: srd@sassa.gov.za
- USSD: *134*7737#
RELATED LINKS
Click here for more info on SASSA
For more information on Sassa, click here