Welcome to our blog where we discuss financial matters that concern our readers. Today, we'll be talking about "How Much Raf Pays For Loss of Income".
What is Loss of Income?
Loss of income occurs when someone is unable to work because of an illness or injury. This loss can be temporary or permanent, but it always results in a decrease in the person's ability to earn an income. The effects of loss of income can be devastating, and can greatly impact the financial stability and well-being of the individual and their family.
What is RAF?
The Road Accident Fund (RAF) is an insurance fund that was established in 1996 to compensate people who have been injured or killed in road accidents caused by the negligence of others. The RAF provides cover for medical expenses, loss of income, and other financial losses that are incurred as a result of the accident.
RAF Compensation for Loss of Income
If you have been injured in a road accident that was caused by someone else's negligence, you may be entitled to claim compensation from the RAF. Compensation for loss of income is one of the categories of damages that can be claimed under the RAF Act.
How is the Compensation Calculated?
The amount of compensation that a person can claim from the RAF for loss of income is calculated based on several factors, including:
- The person's age
- The person's occupation
- The person's level of education and work experience
- The person's pre-accident earnings
- The severity of the injuries sustained in the accident
- The length of time the person is unable to work due to the injuries sustained in the accident
How Long Can a Person Claim for Loss of Income?
A person can claim for loss of income until they are able to return to work or until they reach retirement age. If the person is unable to return to work, they may be entitled to claim compensation until the end of their working life.
What is the Maximum Amount of Compensation that can be Claimed?
The maximum amount of compensation that can be claimed for loss of income from the RAF is currently R288,000 per year. This amount is adjusted annually based on inflation.
If you have been injured in a road accident and have suffered a loss of income, it is important to understand your rights and entitlements under the RAF Act. The compensation that you may be entitled to claim can help to ease the financial burden that you may be facing as a result of your injury. Talk to a personal injury lawyer to find out more about how to make a claim for compensation from the RAF.