The government offers monthly pensions of up to R17,712 per month while you look for a new job!
Unemployment Insurance Fund (UIF), financial stability in times of unemployment!
Advertisement
The Unemployment Insurance Fund (UIF) is essential support for workers who are unemployed or have a temporary interruption in their professional activity. With a monthly pension of up to R17,712.00, the worker has enough conditions to keep his commitments up to date while looking for a new job. In addition to financial aid, this pension provides training and professional development opportunities.
The Unemployment Insurance Fund (UIF) is essential support for workers who are unemployed or have a temporary interruption in their professional activity. With a monthly pension of up to R17,712.00, the worker has enough conditions to keep his commitments up to date while looking for a new job. In addition to financial aid, this pension provides training and professional development opportunities.
Four benefits offered by the UIF that have greatly improved the lives of South African workers!
Currently, the contribution rate for the UIF is 2% of the worker’s gross salary. Of this percentage, half (1%) is paid by the employer and the other half (1%) is paid by the worker. This means that, to be entitled to the UIF benefit, the worker must have contributed at least 1% of his gross salary while employed. It is important to remember that the fund also offers other types of benefits, such as maternity leave, paternity leave, sick pay and Social Assistance for Accidents (SRD).
The minimum contribution time to qualify for the Unemployment Insurance Fund is 13 weeks of continuous contribution, i.e. approximately three months. This means that, to be eligible for the UIF unemployment insurance benefit, the worker must have contributed to the fund for at least 13 consecutive weeks before becoming unemployed. In addition to the contribution time, the worker must have been involuntarily dismissed from the job and cannot have left voluntarily or for just cause.
There are some workers who are exempt from paying the Unemployment Insurance Fund (UIF) fee. These exemptions apply to low-income workers and some specific sectors of the economy. Low-income workers, who earn less than R2,050.00 per month, are exempt from paying the contribution fee to the UIF. However, these workers need to apply to the fund and qualify for UIF benefits if they become unemployed.
Apply for the Unemployment Insurance Fund (UIF)
Apply to the Unemployment Insurance Fund and get federal financial help until you can find a new job or qualify for a better job!
The federal government has created the right tool for families going through difficult times.
Through Social Relief of Distress, you can receive food stamps or cash grants. Learn how to request this help today in the post below!
Apply for the Social Relief of Distress: find out how
Apply to Social Relief of Distress and receive cash or food aid in time of need. Find out how to use this program here!
Trending Topics
Sanlam Money Saver Credit Card full review: should you get it?
Sanlam Money Saver Credit Card is the card that encourages you to save with cashback of up to 5%! Learn more about this card!
Keep ReadingThe American Express Platinum Credit Card full review: should you get it?
The American Express Platinum Credit Card turns your purchases into points that you can redeem for airline tickets. Know more!
Keep ReadingWhat is a home loan? An introductory guide
Knowing what a home loan is could be the key to your new home. Understand how banks can help you realize this dream!
Keep ReadingYou may also like
Capitec Personal Loan review: borrow up to R250,000
Up to R250,000 immediately in your account with low interest rate. Learn more in our Capitec Personal Loan review.
Keep ReadingDisability Grant: financial aid for those unable to work
Disability Grant is an ongoing and indefinite grant for people with physical and mental disabilities to secure support. Understand more!
Keep ReadingBidvest Bank Debit Card: check out how to apply!
Apply to Bidvest Bank Debit Card and improve your employees' expense management while your money goes beyond savings! Pay no interest!
Keep Reading