To process and pay out more than 1-million applications in just a few weeks is a near impossible task
The press statement that came from Business 4 SA last week to announce that agreement with labour and the government had been reached on the special Covid-19 layoff benefit contained a telling line: “W
Now the UIF will be faced with its biggest challenge ever: to process more than 1-million applications from employers, perhaps much more, in the space of just a few weeks. It will be difficult for any institution to adapt its IT systems and massively increase capacity at such short notice. For the UIF, which has a limited infrastructure, it is a very tall order.
An alternative proposal that the SA Revenue Service should be the conduit for paying out the benefit came into play late in the day during the Nedlac negotiating process,This would have made good sense as it is Sars that collects the UIF money paid over by employers and transfers it to the UIF.
on a sliding scale of between 38% and 60% of earnings, where the lowest paid are at the top of the scale.We are also fortunate in this crisis that the UIF has built up such immense reserves. It has R40bn immediately available in money-market and other financial instruments as well as another R120bn in investments, mostly government bonds. This should mean that according to how the scheme is designed, it will not run out of money over the lockdown.
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