What is the Unemployment Insurance Fund (UIF) and who needs to register with it?
UIF stands for “Unemployment Insurance Fund”. This fund guarantees your Employees an income for a few months in case they lose their job. If your Business employs staff who work for more than 24 hours in a month, the Department of Labour require your business to register for UIF. In addition to the UIF registration, your Business is required to make monthly contributions towards the fund. The monthly contribution for UIF is two percent of your worker’s gross salary per month. You must deduct one percent of your worker’s gross salary per month and you as the employer contributes one percent.
What we require from you to complete your UIF Registration with the Department of Labour:
- Complete our easy online application by heading to the Buy Now button.
- Complete a Power of Attorney which will allow us to perform the UIF Registration on your behalf (will be emailed to you once completed application is received).
- Certified copies of the owner(s)/ director(s)/ member(s) etc of the business (not older than 3 months)
- A list of the following employee information:
- Full names and surname
- Identity number
- Starting date of employment
- Hours worked per month
- Gross monthly salary (before deductions.)
- Contact number
- Residential and postal address
- Proof of payment (which confirms your order).
Once your business has successfully been registered for UIF, you are required to submit monthly declarations to the UIF, and make the necessary payments to the fund. We offer a monthly bookkeeping and payroll service which assists many clients nationwide with these needs. Find out more here >>.
If you have been trading for some time, and are only registering for UIF now, you will need to make back payments to the Department of Labour. Email us for a competitive quote should you need some assistance with the submissions.
Turnaround time (upon receipt of all the required information) is typically 1 – 10 business days.
Note; if any employee earns more than R6,500 (2020) per month, your business is required to register with SARS for PAYE as well. If the owner/ director/ member of the business draws a salary from the business, they too are required to make PAYE and UIF payments. This does not apply should your business be a “one-man band” sole proprietorship. Chat to us about a PAYE registration with SARS to ensure that your business stays compliant.
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