As standard tax payers, we, as South African citizens contribute to UIF (the Unemployment Insurance Fund) every month.
If I were to ask why do we pay UIF, most people would respond by saying that they would be able to get financial support in the event that they were to lose their job. In a nutshell, this is true, but what most people don’t realise is that paying towards UIF means so much more…
The Benefits of Paying UIF:
- If you suddenly become unemployed you will be able to receive your weekly salary for up to 34 weeks. For this, you must apply within 6 months of becoming unemployed and you cannot claim UIF if you resign or abscond.
- If you become ill, you will be able to receive your weekly salary for up to 34 weeks. You are eligible to claim if you are ill and are unable to work for 14 days, and are no longer receiving payment from your employer.
- Through UIF you are able to claim Maternity Benefits if your employer stops paying your full salary, payable for a maximum of 121 days. You can claim maternity benefits. To claim Maternity Benefits, you must submit a claim within 6 months of your due date.
- In the event that you adopt a new born, you are entitled to payouts for a maximum of 238 days. This is provided that your employer does not pay your full salary and that the child is below the age of two years old.
- In the event that your partner dies, you are able to claim UIF on their behalf. If your spouse or life partner had been regularly contributing to UIF you will be able to claim on their behalf even if you are still working; payable for a maximum of 238 days. If you have a child, under the age of 21, or a dependent under the age of 26 that is currently a student, they are also able to claim UIF on behalf of your deceased partner. For this, the claim must be made within 6 months of your partner or spouse’s death.
To find out more about the benefits of paying UIF, contact Northwood Financial Services cc and we’ll happily advise you towards the right direction.