There are two types of Age Benefits, for one of which a person reaching age 62 may qualify. They are Age Grant or Age Pension.
What Is An Age Grant?
An Age Grant is payable as a lump sum payment of six times the average weekly wages for each unit of 50 contributions. This is paid when the claimant fails to qualify for an Age Pension.
An insured person who:
- has attained the age of 62 years, and who
- has paid or credited between 50 and 499 contributions into the Social Security Fund.
What is Age Pension?
A Social Security Age Pension is a monthly payment that is made to a person who has made the required number of contributions to the Social Security Fund and has reached the age of 62.