Severance Indemnity Fund: Who Qualifies and What You Get
Learn how the Severance Indemnity Fund works, who can access these protected deposits, and the specific rules for withdrawing your money.
The Severance Indemnity Fund is a protected account where a portion of your monthly salary is deposited to provide financial security during specific life events.
Who it's for
This scheme is designed for formal employees working under the CLT regime.
What you get
Every month, an amount equal to 8% of your monthly salary is deposited into a dedicated account for you. These funds are held securely and can be used to help you during emergencies or if you lose your job.
What it costs you
There is no direct cost to you. The money is deducted automatically from your employer, and you can track your balance for free using a mobile app.
The catch to know
You cannot withdraw this money whenever you want. Access to these funds is restricted to specific situations, such as being dismissed without cause or using the money to purchase a home.
How to apply
- Check your monthly pay stubs to ensure your employer is making the deposits.
- Download the official app to monitor your balance and history.
- Use the official portal to check your eligibility for a withdrawal when a qualifying event occurs.