Proposed UIF Contributions Temporary Changes and Significant Savings from 01.03.2015 – 29.02.2016
In his recent Budget Speech, the Minister of Finance announced a temporary reduction in the monthly UIF contributions payable by both Employers and Employees.
The usual 1 % contributions to a monthly maximum limit of R148.72 has now been lowered to a maximum of R10.00 per month. Whereas SARS would have received a total of R3 569.28 per annum from each the Employer (1% = R148.72 x 12) and the Employee (1% = R148.72 x 12), this will now be limited to R240.00 (R10 x 2 x 12 months).
This proposal is to be effective 1 March 2015 until 29 February 2016 and claims should not be affected by the lower contributions.
Our outsourced payroll services ensures that we work with you to maximise your tax and payroll efficiencies and ensure that all your compliance requirements have been met! We can assist with all your UIF, Workmen’s Compensation and SARS payroll nightmares to save you both time and money!
Please contact our tax department for further queries and assistance in this regard on 021 683 4834.
All material subject to our Legal Disclaimers.