FAQs: Individual Linked Savings Facility (ILSF)
Q: Will I forfeit my savings if I resign from Government?
A: Yes. Employees who resign or are dismissed shall not be entitled to receive the accumulated savings (clause 188.8.131.52.3 of PSBC Resolution 7 of 2015 ).
Q: How will I get the R300 i.e. accumulated savings?
A: Accumulated savings shall only be accessed for the purpose of acquiring homeownership, building and improving a home. An employee may apply to withdraw the accumulated savings in a prescribed manner (application form to be completed).
Q: What happens to the accumulated savings?
A: The accumulated savings shall be held in an interest-bearing facility (account) until such time as the employee is ready to access the funds.
Q: When can I access my savings amount?
A: Accumulated savings shall only be accessed for the purpose of acquiring home- ownership, building and improving a home.
Q: Will I be allowed to voluntarily save the full housing allowance?
A: Yes, employees may elect to have the full housing allowance diverted into and accumulated in an individual-linked savings facility.
Q: Will I get the ILSF statement regularly?
A: Yes, the statements will be issued periodically to individual employees.
Q: What happens to my savings if I die or retire?
A: The full value of accumulated savings shall be paid to the nominated beneficiaries of the deceased employee or estate.