The Unemployment Insurance Fund (UIF) is one of those institutions that has ongoing payments made into it from the workforce. Obviously, the handling of these monies needs to be more efficiently done and properly protected from fraud. We have seen a lot of fraud during this pandemic and we still await a final report from the auditor-general.

One month before the lockdown in SA I specifically asked the employment & labour minister at a parliamentary portfolio meeting whether the UIF was able to withstand a series of enormous claims when the pandemic hit us. The minister assured us there was more than enough funding, an assurance that was echoed by the director-general of the department. The actuaries working for the department should be able to share with us their calculations, and how it went wrong. It would make interesting reading...

Subscribe now to unlock this article.

Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).

There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.

Cancel anytime.

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.