With #TERS and other claims being paid from #UIF funds it comes as no surprise that the UIF ceiling has been lifted resulting in higher revenue collec
tions in the form of UIF as part 2021 #Budget Speech.
The Unemployment Insurance Fund (UIF) contribution ceiling was announced to be increasing from R14 872,00 to R17 711,58 per month. UIF is calculated as 2% of an employee’s remuneration for UIF purposes, split equally between the employer and employee. Remuneration for UIF purposes is the employee’s remuneration, less certain exclusions such as commission. Under the budget speech, the maximum UIF contribution for each party is, therefore, R177,11 a month (R354,22 in total).
Change is effective from 1 June 2021 as per government notice 44641 released on 28 May 2021.
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