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What are the definitions of the words ‘gratuity’ and ‘annuity’?


Gratuity
A sum of money or lump sum, payable once-off in the event of retirement, as well as death benefits, calculated as in accordance to the Rules of the Fund.

Annuity/Pension
A sum of money payable on a monthly basis to an annuitant/pensioner and ceases upon his/her death.

 

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