Finance Minister Withdraws Implementation of UIF Proposal

In the 2015 Budget, the Minister proposed to reduce the remuneration threshold against;which contributions to the UIF are calculated from the current monthly amount of R14 872 to;R1 000, for a period of one year. The proposal was aimed at providing support to the;economy by allowing workers and employers to keep and use for themseleves R15 billion that would otherwise have gone to UIF. The UIF currently has an accumulated surplus of more than R72billion, which is well in excess of annual expenditure on benefits. The UIF proposal was also intended to reduce the rate of accumulation of this surplus.

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