UIF Releases Annual Report

UIF Annual report released UIF pays out benefits amounting to R14 million a day.

The Unemployment Insurance Fund of South Africa released its annual report last week, to show staggering statistics.

The UIF said that it pays out benefits amounting to R14 million each day, and that - all in all - it had paid out nearly R3 billion in benefits last year.

The largest group of employers registered with the UIF is made up of domestic workers, according to the report. Out of the 1.1 million employers on the group's database, 700,000 of them employed domestic workers.

"For decades, domestic workers have been one of the most vulnerable groups in our society," said South Africa's Labor Minister, Membathisi Mdladlana, "receiving little protection from labor laws and with very little in terms of social support system should they lose their jobs. Our decision to compel workers to register their domestic workers and to contribute to the UIF met with initial resistance from certain quarters, but today it is widely recognized as one of the success stories of the fund. We now have a system in place that is not only unique in world terms, but also provides thousands of South Africans with security and peace of mind."

The UIF has many plans for the future, including the training of the unemployed and to detect and recover payments that were made in error. The UIF also aims to increase its member database, especially among domestic workers and taxi drivers.

According to the report, the Unemployment Insurance Fund is as strong as ever. "The Fund is solvent, in a sound financial position and this strong performance is projected to continue at the current contribution and benefit rates," said its commissioner, Boas Seruwe.