The unemployment insurance fund is a type of social security that pays out benefits to people who have lost their jobs and cannot work.
Most people in South Africa get unemployment insurance through their employers. However, if you are unemployed or self-employed, you can apply for an unemployment insurance fund.
How Unemployment Insurance Fund Works in South Africa
The Unemployment Insurance Fund (UIF) was introduced in South Africa as an insurance fund for people who have lost their jobs due to economic or other reasons.
The UIF is a social security fund that provides financial support to unemployed citizens and those who are involuntarily retired at the age of 60.
The UIF is administered by the Department of Labour. It is funded by contributions from employers and employees, as well as by various levies on employers, employees and the general public. The fund also receives contributions from a number of international sources, including the International Labour Organization (ILO).
Who can make a UIF claim?
A UIF claim is a claim for unemployment insurance benefits that you make if you’re unemployed, and it’s one of the first things you’ll have to do when you file your taxes.
You can make a UIF claim if you:
– Work in the national or provincial government (including municipalities)
– Are a member of the municipal council
What happens to my Unemployment Insurance Fund if I quit my job?
If you quit your job, absconded or was suspended, you cannot make any claims with your unemployment insurance fund (UI) for a certain period. During this time, you must wait until the period has passed before making any claims. This is often referred to as the “cooling-off” period.
