South Africa
UIF 'running out of funds'─── 18:00 Tue, 13 Oct 2020
News has surfaced that the Unemployment Insurance Fund (UIF) will struggle to fulfil its mandate in future as the Covid-19-induced economic crisis deepens.
Officials, led by Deputy Auditor-General Tsakani Ratsela, told members of Parliament last Tuesday that the fund is running out of money, due to having to pay out Ters benefits.
Fund spokesperson Makhosonke Buthelezi told Moneyweb that he cannot yet confirm how the UIF will prevent its funds from being depleted in the near future.
The fund’s actuaries have been tasked to make an analysis of the financial health of the UIF and once done, they will make a presentation to Nedlac social partners. And from there, various options of Ters funding will be discussed, Buthelezi said.
Moneyweb
