Explainer: UIF and company pensions during Covid-19
Unemployment insurance funds and pension funds during Covid-19 have been a major concern for employers and employees across the country.
Employment and labour minister Thulas Nxesi has announced a Covid-19 relief fund for employers and their employees.
More than 100‚000 payments to companies have already been paid by the scheme.
Some companies have reported they are no longer able to contribute to their employees’ pension funds.
The state-owned arms manufacturer Denel announced it had paid employees their salaries‚ but could not pay pension contributions.
In this video explainer‚ we explore how employees can find out whether their company is receiving relief funds from government‚ whether or not employees can apply to the Unemployment Insurance Fund directly‚ and what it means should their employer no longer be able to contribute to their pension funds.
Source: TMG Digital.