Loss of Income / Retrenchment Claim
Dear ABSA Team.
Hypothetically, if a person was to be retrenched at the beginning of Month #1, a claim is submitted at the beginning of Month #2 (as they were not able to find other work), how will ABSA process this claim?
Assuming that ABSA takes 5 weeks to process the claim, will the payment in Month #3 (ABSA still processing the claim after a month) cover three months of being retrenched (Month #1, Month #2, and Month #3) or will ABSA only start paying the claim in Month #3 and see it as payment one (1) of twelve?
I could not find any clear writing regarding this aspect. The same would apply as it relates to temporary disabbility.
Please advise as if ABSA does not cover from month one but only after three months of being unemployed, it would be better to take out insurance somewhere else.
Edward B