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    Home Accounting

    Finance Minister Withdraws Implementation of UIF Proposal

    in Accounting
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    ON 15 MAY 2015.

    The Minister of Finance has decided not to proceed with the implementation of the proposal to reduce the remuneration threshold against which contributions to the Unemployment Insurance Fund (UIF) are calculated. This decision was taken after detailed engagements with the labour and business constituencies at National Economic Development and Labour Council (NEDLAC).

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    In the 2015 Budget, the Minister proposed to reduce the remuneration threshold against which contributions to the UIF are calculated from the current monthly amount of R14 872 to R1 000, for a period of one year. The proposal was aimed at providing support to the economy by allowing workers and employers to keep and use for themseleves R15 billion that would otherwise have gone to UIF. The UIF currently has an accumulated surplus of more than R72 billion, which is well in excess of annual expenditure on benefits. The UIF proposal was also intended to reduce the rate of accumulation of this surplus.

    During the consultations the following concerns were raised:

    a) the need to implement the UIF Amendments Bill tabled in 2014, to extend benefits to workers who contribute towards the Fund;

    b) the need to speed up engagement over the broader social security reform process

    After carefully considering all of these concerns, and taking into account the 44 public comments received, it became apparent that proceeding to implement the revised threshold as originally planned in the 2015 Budget could lead to unintended consequences.

    The Minister has decided that the UIF Budget proposal will therefore not be implemented in the 2015/16 fiscal year, to allow more time for consultation at NEDLAC and with other interested stakeholders.

    The consultations will focus on:

    • implementation of the agreed UIF Amendments Bill to extend benefits to workers who contribute towards the Fund;

    • review of earmarked taxes (UIF, RAF, skills levy) to address fiscal imbalances that have emerged, whether in the form of surpluses and or deficits.

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    • As salaamu Alaikum / Good Day Members 

Please join AMAL in Partnership with Al Baraka Bank, Minara Chamber of Commerce and Bowmans in our Webinar on:

Unpacking The Budget 2025

With Guest Speaker:
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And 

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Date: 22 May 2025 (Thursday) 

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🔹 Preparing for a Meaningful Eid:
✅ Give Sadaqatul Fitr before Eid prayers
✅ Thank Allah for the strength to complete Ramadan
✅ Spend quality time with family & community
✅ Maintain humility – Eid is a celebration, but modesty is key

📖 “And so that you may complete the prescribed period and glorify Allah for guiding you, and that you may be grateful.” (Qur’an 2:185)

✨ May our Eid be filled with joy, gratitude, and blessings!

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🔹 Post-Ramadaan Commitments:
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✅ Keep fasting on Mondays & Thursdays
✅ Maintain ethical business practices
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✨ Ramadaan is just the beginning—let’s keep growing and striving!

💬 What’s one change from Ramadaan you want to keep for life? 👇

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🤝 Forgiveness & Reconciliation in Business
Ramadan teaches us forgiveness, even in business and professional disputes. Let’s repair relationships and move forward with peace.

🔹 Steps to Reconciliation:
✅ Apologize & make amends
✅ Forgive sincerely, even if wronged
✅ Resolve disputes fairly & justly
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📖 “The best of people are those who are slow to anger and quick to forgive.” (Hadith – Tirmidhi)

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