JOHANNESBURG – National Treasury has proposed a one-year relief measure with regards to Unemployment Insurance Fund (UIF) contributions in the 2015 Budget.
The suggestion is for the contribution threshold to be lowered to R1 000 a month for the 2015/16 year.
“This means that employers and employees will each pay R10 a month during the year ahead, putting R15 billion back into the pockets of workers and businesses,” Finance Minister Nhlanhla Nene said during this Budget Speech on Wednesday.
In contrast with the Road Accident Fund, the UIF has an accumulated surplus of over R90 billion.
“Improved benefits are now being introduced, but it is nonetheless possible to provide temporary relief to both employers and employees,” Nene said.