{"id":535,"date":"2020-12-10T13:02:28","date_gmt":"2020-12-10T13:02:28","guid":{"rendered":"https:\/\/www.innov8fs.co.za\/blog\/?p=535"},"modified":"2026-03-18T11:46:46","modified_gmt":"2026-03-18T11:46:46","slug":"our-retrenchment-protector-benefit-helps-to-bridge-the-income-gap-if-youre-formally-retrenched","status":"publish","type":"post","link":"https:\/\/www.innov8fs.co.za\/blog\/2020\/12\/10\/our-retrenchment-protector-benefit-helps-to-bridge-the-income-gap-if-youre-formally-retrenched\/","title":{"rendered":"Our Retrenchment Protector benefit helps to bridge the income gap if you&#8217;re formally retrenched"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-536 aligncenter\" src=\"https:\/\/www.innov8fs.co.za\/blog\/wp-content\/uploads\/2020\/12\/bannner-1.jpg\" alt=\"\" width=\"800\" height=\"750\" srcset=\"https:\/\/www.innov8fs.co.za\/blog\/wp-content\/uploads\/2020\/12\/bannner-1.jpg 800w, https:\/\/www.innov8fs.co.za\/blog\/wp-content\/uploads\/2020\/12\/bannner-1-300x281.jpg 300w, https:\/\/www.innov8fs.co.za\/blog\/wp-content\/uploads\/2020\/12\/bannner-1-768x720.jpg 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/p>\n<p>The Retrenchment Protector benefit can be added when you take out the Temporary Income Protector (TIP) benefit.<br \/>\nThe maximum cover is 75% of your TIP benefit up to R30 000 (tax-free) and you can select to receive payments for 6 or<br \/>\n12 months.<\/p>\n<p>The Retrenchment Protector benefit has been added as an optional benefit to enhance TIP because we understand that the<br \/>\nability to earn an income is not just impacted by an injury or illness, but the possibility of retrenchment as well.<\/p>\n<p>Retrenchment does not only affect your immediate livelihood, but your future plans as well. Don\u2019t allow it to completely derail<br \/>\nyour career goals. Our Retrenchment Protector benefit allows you the space and time to explore exciting new job<br \/>\nopportunities and to find the job that\u2019s right for you.<\/p>\n<h3>WHO QUALIFIES?<\/h3>\n<ul>\n<li>Only salaried, full-time employees with permanent employment qualify.<\/li>\n<li>You must have been in uninterrupted employment for at least 2 years and with your current employer for at least a year before the start of your cover.<\/li>\n<li>You cannot work in the mining, fishing or construction sectors.<\/li>\n<li>This cover isn&#8217;t available to self-employed individuals, directors of companies, partners in a business, employees in a family business, commission-earners or contract workers.<\/li>\n<\/ul>\n<h3>WHEN CAN YOU CLAIM?<\/h3>\n<ul>\n<li>When the retrenchment is announced to you more than 6 months after the commencement of the policy, i.e. you cannot claim for retrenchments announced in the first 6 months of cover.<\/li>\n<li>Your cover pays out only if you are involuntarily retrenched as a result of your employer downsizing or facing closure, and only after it has followed a legitimate retrenchment process in terms of the Labour Relations Act.<\/li>\n<li>The waiting period is 30 days from date of retrenchment, which means the first payment will be made after 30 days.<\/li>\n<li>During the claim period, you will be required to provide proof of unemployment each month, through registration with the Unemployment Insurance Fund (UIF).<\/li>\n<li>The claim payment will not be reduced if you are receiving an income from the UIF or as a result of your severance package.<\/li>\n<li>You can claim twice on this benefit.<\/li>\n<\/ul>\n<h3>WHEN WILL YOUR CLAIM END?<\/h3>\n<p><strong>We will pay out for a retrenchment until the first of the following happens:<\/strong><\/p>\n<ul>\n<li>The end of the selected benefit term or 6 or 12 months.<\/li>\n<li>The day you are employed.<\/li>\n<li>The day you stop looking for a job.<\/li>\n<li>Should you pass away.<\/li>\n<li>The policy anniversary following your 65th birthday. If you have chosen a cease age on your TIP policy of 55 or 60, cover will<\/li>\n<li>cease on the policy anniversary following your 55th or 60th birthday respectively.<\/li>\n<\/ul>\n<h3>WHAT IS NOT COVERED?<\/h3>\n<ul>\n<li>Dismissal due to misconduct and\/or fraud.<\/li>\n<li>Retirement, resignation, or voluntary retrenchment.<\/li>\n<li>Loss of job due to strikes, participation in a criminal act or nationalisation.<\/li>\n<li>Any retrenchment that you were aware of before you took out the policy.<\/li>\n<li>Inability to work due to a disability.<\/li>\n<li>If a Temporary Income Protector claim is in progress.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The Retrenchment Protector benefit can be added when you take out the Temporary Income Protector (TIP) benefit. The maximum cover is 75% of your TIP&hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-535","post","type-post","status-publish","format-standard","hentry","category-innov8ions"],"_links":{"self":[{"href":"https:\/\/www.innov8fs.co.za\/blog\/wp-json\/wp\/v2\/posts\/535","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.innov8fs.co.za\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.innov8fs.co.za\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.innov8fs.co.za\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.innov8fs.co.za\/blog\/wp-json\/wp\/v2\/comments?post=535"}],"version-history":[{"count":1,"href":"https:\/\/www.innov8fs.co.za\/blog\/wp-json\/wp\/v2\/posts\/535\/revisions"}],"predecessor-version":[{"id":537,"href":"https:\/\/www.innov8fs.co.za\/blog\/wp-json\/wp\/v2\/posts\/535\/revisions\/537"}],"wp:attachment":[{"href":"https:\/\/www.innov8fs.co.za\/blog\/wp-json\/wp\/v2\/media?parent=535"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.innov8fs.co.za\/blog\/wp-json\/wp\/v2\/categories?post=535"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.innov8fs.co.za\/blog\/wp-json\/wp\/v2\/tags?post=535"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}