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24 February 2017
   
 
 
 
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The Minister of Finance proposed in the 2015 National Budget a temporary reduction in contributions by employers and employees to the Unemployment Insurance Fund ("the UIF"), while keeping benefits unchanged. It is proposed that the remuneration threshold, against which the contributions are calculated, be reduced from the current monthly amount of R14 872 to RI 000.1 The reduction is proposed to take effect on 1 April 2015
and a revision thereof will be considered before 1 April 2016. If implemented, both employers and employees will be required to pay a maximum of R10 each per month. Currently, the maximum contribution stands at R148.72 each per month. Section 6(2) of the Unemployment Insurance Contributions Act, 2002, enables the Minister of Finance to adjust the remuneration threshold by notice in the Gazette, after consultation with the Minister of Labour and the UIF Commissioner.2 A copy of the draft notice is in the Annexure hereto.

Edited by: Creamer Media Reporter
 
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