Petra Puri

Over-the-counter or off-exchange trading is done directly between two parties, without the supervision of an exchange. It is contrasted with exchange trading, which occurs via exchanges. A stock exchange has the benefit of facilitating liquidity, providing transparency, and maintaining the current market price.

Many use UIF as a short-term financial relief whenever they are unemployed or unable to work. You can access the funds if you have contributed to the fund for a specific period, are no longer employed, or cannot work due to illness, injuries, or pregnancy.

You must have applied to the fund and taken the necessary steps to claim the benefits when needed. After paying your contributions promptly, below are the step to follow to calculate UIF claims:

Example:

If you earn R15,000 a month, your benefit amount will be R10,001.16 in the first year of your contribution to UIF if you work for all 260 weekdays of the year. Below are the calculations:

For example, if your salary is R15,000 and you get R10,000 wage on leave, here is how the calculate your UIF maternity payout benefits:

Where the difference is less than the Daily Benefit Amount, the difference is paid. Where the difference is more than the Daily Benefit Amount, the daily maternity benefits amount is paid.

Your benefits will be calculated according to the credits accumulated. The formula for calculating the reduced time benefits is:

Where the difference is less than the daily benefit amount, the difference is paid. Where the daily income from continued employment is more than the benefit amount, the claim will be rejected.

UIF contribution must be 1% of the remuneration the employer pays the employee. The employer must pay a total contribution of 2% (1% contributed by the employee and 1% contributed by the employer) within the prescribed period.

Example:

If you earn R15000 monthly, the employer has to deduct R300 and submit it to UIF. You are entitled to a salary of R14700. Here are the calculations:

The amount you will receive as UIF payments will depend on your monthly salary when you were employed. Therefore, you should know how to calculate UIF benefits to know precisely how much you will benefit from the fund.

The contributions employers have to cut from their employees should be 1% of their monthly salary, excluding commissions. In addition to the 1% the employer should contribute, employers forward another 1%, making the total contribution to the fund 2%.

Example:

If a laborer earns R2,000 a month, the employee must deduct 1% of the salary, which is R20, and the employer must also pay an extra R20 for the worker. Therefore, the total amount paid to UIF South Africa is R40, while the employee gets R1,960.

The laborer must contribute to the fund if they earn more than the annual, monthly, or weekly maximum earnings ceiling.

Example:

If a worker earns R10,000 a month and their monthly earning ceiling is R1,096, their contribution will be deducted from the R8,836.

Employers cannot deduct more than 1% of the employees’ salaries; the extra money must be paid to the workers. Laborers should also know that they will be committing fraud if they still enjoy the benefits while working.

If you have been making UIF payments for four years or more, you can claim up to 365 days. However, if you have been contributing for less than four years, you can only claim one day out of every five days you worked while contributing to the fund.

The whole claiming process can take up to three hours. The first payment will be made to your bank account two to four days after completing the process. You must also make a UIF claim within six months after your last day of employment.

The Minister of Finance increased the monthly maximum remuneration for the Unemployment Insurance Fund contributions to R17,712 from R14,872 monthly. This means that the monthly UIF contributions per respective employer would now be limited to R177.12 per month, up from R148.72 per month.

Every employee should make UIF contributions unless exempted or excluded by the relevant laws. Independent contractors that are deemed to be employees are exempt from UIF contributions. The following instances exempt an employee from UIF contributions:

If you registered for this fund and have been paying your contributions, then this UIF calculator guide can help you know how to determine your benefits.

DISCLAIMER: This article is not sponsored by any third party. It is intended for general informational purposes only and does not address individual circumstances. It is not a substitute for professional advice or help and should not be relied on to make decisions of any kind. Any action you take upon the information presented in this article is strictly at your own risk and responsibility!

READ ALSO: How to get your tax number: Essential information

Briefly.co.za featured an informative article about getting a tax number from the South African Revenue Service (SARS).

There are two categories of taxpayers, including residents and non-residents. Knowing where you fall in this classification helps you get the right SARS service, including your tax number.

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