UIF increase

[AchmatK]

So Pravin has decided to increase the UIF from R124.78 to R148.72.

It might not seem like much in Rand terms but this is a 20% increase on the UIF contributions of employees earning more than R14 872.00 per month as well as for the employer.

Small change doesnt seem to make much noise but all thes rands adds to what the gov can squander.

“STAATSKOERANT, 26 SEPTEMBER 2012 No. 35715 3
GOVERNMENT NOTICE SOUTH AFRICAN REVENUE SERVICE
No. 783 26 September 2012

DETERMINATION OF LIMIT ON AMOUNT OF REMUNERATION FOR
PURPOSES OF DETERMINATION OF CONTRIBUTION IN TERMS OF
SECTION 6 OF THE UNEMPLOYMENT INSURANCE CONTRIBUTIONS
ACT, 2002 (ACT NO.4 OF 2002)

By virtue of the powers vested in me by section 6(2) of the Unemployment
Insurance Contributions Act, 2002 (Act No. 4 of 2002), I, Pravin Jamnadas
Gordhan, Minister of Finance, hereby after consultation with the Minister of
Labour and the Unemployment Insurance Commissioner, determine that
section 6(1) of that Act shall, with effect from 1 October 2012, not apply to so
much of the remuneration paid or payable by an employer to an employee
during any month, as exceeds R14 872.

A~- PJ GORDHAN
MINISTER OF FINANCE”