Did you register for the Unemployment Insurance Fund (UIF) but are confused about the payment methods? UIF allows employers and employees to use different methods to make the monthly payments. Two simple methods are discussed for guidance below.
Go through the steps before opting for a UIF payment method. These surely will save you time and make the payments effortless.
The Unemployment Insurance Fund (UIF) provides short-term relief to people who lose their jobs due to illness, maternity, adoption, or any other reason. The employee and the employer contribute equally to the unemployment fund. There are various methods to pay the UIF contributions every month.
The employer is responsible for paying the UIF by deducting the money from the employee’s salary every month. The methods are explained below for help and guidance.
Pay by Internet Banking
The employers can pay the UIF by using internet banking services. Follow the steps mentioned to pay the UIF contributions.
- The first step is to set up the UIF as a beneficiary on your bank account. It is the same as you set up to pay other bills or make payments.
- UIF uses different banks so you can use any of the accounts. FNB, ABSA, Standard Bank, and Nedbank can be added as beneficiaries.
- The name of the account holder on any of these banks is Unemployment Insurance Fund.
- After adding the beneficiary, transfer the UIF every month. The UIF sends payment advice to all the employers every month so they can pay.
Hence, this is an easy method that ensures smooth payment
Bank Deposit
The second method for paying the UIF is through the bank. You can visit your bank directly and pay UIF by filling out the depositing slip.
- Visit FNB, Standard Bank, ABSA, or Nedbank to pay the UIF. The account numbers for all the banks are different. Please make sure you know the branch code and account number.
- The account holder’s name is the same; Unemployment Insurance Fund.
- You must have your employer’s reference number when you fill in the deposit slip at the bank.
- After paying the UIF in the bank, send the payment advice back to the address mentioned on the website. You can also email it to [email protected] every month.
Hence, these steps can help pay UIF at the nearest bank.
A brief yet informative article on how to pay UIF is written to help employees and employers make the payments. There are different methods of payment when it comes to UIF. You can use online banking services or visit the bank physically.
The process is the same for every month but you’ll have to send back the payment advice as proof of your payment. Hence, you can use any of the two methods depending on your convenience.