UIF concerned large number of jobs being lost will affect the Fund’s liquidity

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The Unemployment Insurance Fund (UIF) says it is concerned about the large number of jobs that are being lost in the country as a result of the coronavirus lockdown and the effect this will have on the fund’s liquidity.
The UIF has urged all employers to declare their workers to the fund so that they can receive benefits in the future.
In the video below, UIF processes lockdown claims: 
The commissioner of the fund has given instructions to ensure that it finds the best way to remain liquid – despite the stresses of COVID-9 claims and rising unemployment applications.
The UIF says it has paid an accumulative of R23-billion since mid-April to workers and of that, R6-billion was paid in COVID-19 claims in May alone.
In the video below, UIF claims paid out: 

Outrage over UIF payment process

Meanwhile, it was earlier reported that many South Africans are outraged over the UIF  payment process. People say after years of contributing to the UIF, they were paid only a few rands as the country.

Many business owners as well as their employees felt that the UIF has left them in the lurch, as they are in a financial crisis.

Others were frustrated after their claims were rejected and have lamented the slow pace at which payments are being processed.

Latest COVID-19 statistics in South Africa: 


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