UIF is calculated as 2% of an employee’s remuneration divided equally between the employee and the employer, i.e. 1% contributed by the employee and 1% contributed by the employer.
How do I figure out my UIF payout?
To calculate this claim, divide the number of days you have worked by 5. Take 33 and multiply it by your daily wage, which is R164. 38. You will receive R7,232.72 as your claim’s UIF.
Is this based on your gross or basic salary?
Your employer will deduct 1% of your gross salary each month and contribute it to the UIF. In addition, the employer will contribute 1% to the fund. This money accumulates, and if you require UIF benefits, you can claim it from it.
Does unclaimed UIF money expire?
If you do not claim your UIF money, it is transferred to an unclaimed benefit fund by the Department of Labour. Nonetheless, if you want to claim your expired UIF benefits, you can still access your unclaimed fund by following the proper procedures.
When you resign, what happens to your UIF funds?
The general rule is that if a person resigns from his job, he is not entitled to UIF benefits. An employee is only eligible for benefits if his service contract has expired, he was fired by his employer, or his employer has been sequestrated. The Fund’s benefits do not cover the full amount of compensation.
