Opening debate on his budget vote in the National Assembly, he said the fund was on a sound footing, with accumulated reserves, as at March 31 this year, of R6,2-billion.
"The Unemployment Insurance Act of 2001, together with the Unemployment Contribution Act of 2002, changed the UIF into a vibrant organisation.
"Through the South African Revenue Service, the UIF has collected contributions amounting to R5,9-billion, thus enabling it to pay benefits amounting to R2,1-billion, extending service to over 499 438 beneficiaries," he said. – Sapa.
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