How to claim uif when retired

Claim UIF Retirement Benefits and Payments

Retiring? Don’t forget those UIF benefits. These benefits are paid for a period of 12 months, and it can take some time for the process to complete, so it is imperative that you start the process as soon as possible when approaching your retirement date.

It is important to remember that you do not qualify for UIF benefits should you retire early (under 60).

We ask a once-off fee of R850 and do not charge a commission on your claim. Benefits are paid directly into your bank account.

UIF Connect will provide you with the necessary documents for a retirement claim, we will assist you in filling out the documents, and we will check that the documents are correct. Due to Labour's POPIA restrictions, you will be required to submit all documents to Labour yourself, but we will provide you with all the email addresses and information you need to do this, and we will advise you on how to follow up on your claim with Labour. Once your claim has been approved we will submit the continuation needed for your payments every month.

Some General FAQ's

Who can claim Retirement UIF benefits through UIF Connect?

You can claim retirement benefits if you have retired from employment and will not be seeking further employment. You can not claim if you have taken early retirement.
You can claim retirement benefits through us if you are a South African national and have a barcoded ID book.

How much can I expect to receive?

The fund pays 38% ‐ 58 % of your gross salary, capped at a ceiling salary of R14 872.00.
Payments are calculated as ‘credits’, and credits are calculated based on your last 48 months of employment.
You may claim for up to 238 consecutive days, dependant on the amount of credits you have accumulated on the system in the past 48 months.

When can I claim?

You can file a claim as soon as your retirement takes effect, but we can get all the documents ready in advance.
You MUST apply within 6 months from the date of retirement, provided you have enough credits on the system to do so.

How long do claims take to be processed?

Provided that your employment records are up to date on the Department’s system for the past 48 months, a retirement claim takes on average 4-6 weeks to process. In order for your claim to be processed quickly and efficiently by the Department of Labour, it is important to make sure that all your employment records are up to date on their system. Incomplete records will cause delays, and you would be required to contact employers, past and current, if this is not complete.
Once approved, we will file an initial continuation of benefits form on your behalf, and again every 30-35 days thereafter, until your calculated benefits have been paid in full.

How will I receive my funds?

When you apply with us, you will be asked to provide proof of banking details. These details are then registered on the Department’s system, and they will pay your benefits directly into your bank account.
The Department takes on average 7-10 days to process a continuation form and make payment, so your payments will not necessarily be received on the same day each month.

For any further queries on claiming for retirement benefits, you are welcome to email us for assistance. If you are ready for us to proceed with your claim, kindly use our online application form above.

Can UIF Be Claimed With Retirement?

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UIF Benefits

Wednesday, 24 November, 2021 - 14:11

Author:

Ryan Cloete

Every month, people working for more than 24 hours per month in South Africa are required by law to make contributions to the Unemployment Insurance Fund (UIF).

Every month, people working for more than 24 hours per month in South Africa are required by law to make contributions to the Unemployment Insurance Fund (UIF). You might be wondering if you can claime UIF with retirement.

The UIF will provide short term financial relief to its contributors should they be terminated from their place of employment or have to take leave from work.

The UIF provides benefits to people who have involuntarily lost their jobs. This is why you cannot claim from the fund should you choose to resign, be suspended or absconded from work. You can also not claim benefits from the UIF if you were terminated for fraudulent activity.

If you retire, you may receive benefits from a retirement fund or annuity. However, you will not receive benefits from the UIF. If you never claimed from the fund, it's either because you did not qualify for benefits or you chose not to apply for benefits when you may have been eligible for the benefits.

Every month you contribute 1% of your monthly remuneration to the UIF. This money is deducted from your salary. Your employer is also required to contribute 1% to the fund.

If you were terminated from your place of employment, or need to take off for the circumstances listed below, click on the benefit for more information.

The UIF offers benefits for the following circumstances

Illness leave
Maternity leave
Reduced work time
Adoption leave
Parental leave

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Human Resource

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90,000 by the end of the year of the Pension Fund services can be obtained in a simplified manner of

by the end of the year of the Pension Fund, you can get

in a simplified manner

Remote for the pension through the personal account and by phone

You can apply for a pension today using an electronic application through your personal account on the portal of the Pension Fund of Russia or the Gosuslug portal. With the consent of the person, such an appointment can be made completely remotely on the basis of data transmitted by employers to the information system of the Pension Fund. They determine the available pension coefficients and length of service, average monthly earnings for calculating a pension, periods of caring for children or the elderly, when a person does not work, but his pension is being formed, and other parameters. By the time they reach retirement age, all this information is already at the disposal of the fund, so a person only needs to submit an electronic application to make a payment.

Simplified regulations for receiving Pension Fund services also allow you to apply for a pension by phone. To provide such a service, PFR operators receive consent to make payments and reflect this in a special act, according to which an application for the appointment of a pension is created.

Registration and extension of payments according to information registers

The Pension Fund uses data from state information registers to make it easier for citizens to assign payments. Thus, all types of disability pensions and certain social benefits are currently processed using the Federal Register of Disabled Persons. When applying to the FIU, it is enough for a disabled person to submit an application, the fund will receive the rest of the information from the register and its information system. At the same time, a disabled person can submit an electronic application and thus completely remotely issue a payment without coming to collect it personally.

Some services are provided through the register of persons with disabilities without an application at all. For example, the extension of disability pensions. The whole process takes place automatically according to the re-examination data received by the Register of Disabled Persons from the Bureau of Medical and Social Expertise.

Assistance in collecting information for making payments

Territorial bodies of the Pension Fund assist citizens in requesting information for making payments. Including documents that, according to the law, the person himself must submit. Relevant requests are sent by the fund to other departments, employers, successor organizations, archives, etc. To obtain the necessary information, the Pension Fund also enters into agreements on information exchange with third parties. For example, with educational institutions. Their data allows citizens not to submit supporting documents in order, for example, to dispose of maternity capital or extend the survivor's pension.

Informing through a personal account and by phone

All reference information about payments from the Pension Fund, including those that are already provided to a person, is available in the electronic offices of Russians. Pensioners and pre-pensioners will find certificates and extracts in the office confirming the purpose of payments or the right to benefits. Documents are certified with an enhanced digital signature and can be remotely sent to other organizations. Working Russians in the office have access to information about pension coefficients, the amount of savings, length of service and deductions from employers for retirement. Since last year, information about professional activities from the electronic work book has also been added to these data. For families with a certificate of maternity capital, the cabinet always reflects the current amount that can be spent on selected purposes.

The provision of information and advice using personal data is also possible by telephone. For identification in such cases, a predetermined code word is used. Previously, it was possible to set it only with the help of a personal application to the Pension Fund, but recently it has become possible to do this in the electronic cabinet. The use of a code word allows you to receive more detailed personal information during telephone consultations with specialists from the Pension Fund.

Advertising without prepayment. How eBay came up with a new way to grow revenue

The eBay marketplace outperformed revenue and earnings forecasts. This was due to the growth in the number of buyers and advertising revenues. As a result, eBay raised its earnings forecast for the year for the second time. Stocks are expected to rise

ebay eBay

Forecast reliability

Citigroup

Buy

Current price

$39.76

Forecast

$48 (+20.72%)

Forecast date

07/18/2019

Fulfilled

07/18/2020

Forecast reliability

Citigroup

eBay headquarters in San Jose, California, USA (Photo: EBay)

eBay's online auction beat analysts' forecasts for quarterly revenue and earnings. The company raised its earnings guidance for the second time in a year and also announced the purchase of a 5.5% stake in Indian e-commerce platform Paytm Mall. But most importantly, eBay reported a significant increase in revenue from innovative advertising without prepayment. The news allowed eBay's quotes to rise 5% immediately after the publication of financial statements.

eBay's Q2 2019 revenue up 2% to $2.7 billion. Online auction revenue increased due to growing advertising business. Net profit decreased by 37% and amounted to $403 million compared to $642 million in the same period last year.

Earnings per share fell 27% to $0.46 from $0.64 a year earlier. Operating cash flow was $744 million. Free cash flow was $607 million.

In the second quarter, eBay increased the number of active buyers, as the company refers to users who have made a purchase on eBay or one of the company's other marketplaces. Across all platforms owned by eBay, the number of such users increased by 4% and reached 182 million people worldwide. The share of international sales in the company's income was 61%.

Ad space revenue up 5% to $271 million In the second quarter, more than 940,000 sellers advertised on eBay for the first time and placed more than 250 million ads using Promoted Listings in search.

This ad differs from the regular ad in that the seller only pays eBay if the customer purchases the item, and there is no standard upfront fee for placing the ad. The service brought the company $89 million. Compared to the same period last year, the growth rate was more than 130%.

eBay started paying out in 2019 dividends . The first payment was made following the results of the first quarter and amounted to $125 million. In the reporting period, the eBay board of directors announced dividends for the second quarter in the amount of $0.14 per share. Shareholders holding securities on September 3, 2019 will receive dividends on September 20, 2019. The company allocated $1.5 billion for share buybacks in April-June.

The company entered into an agreement with the Indian startup Paytm Mall to sell eBay products from around the world on one of the largest marketplaces in India. For this, a 5.5% stake in the Indian platform will be purchased. eBay's investment could range from $150 million to $200 million, and the entire Paytm Mall company is valued at $3 billion, The Wall Street Journal reported.

Paytm Mall is a division of India's One97 Communications, which operates India's largest mobile payment system. Paytm Mall launched in 2017. Among the shareholders of Paytm Mall - Warren Buffett , Japanese corporation SoftBank and Chinese tech giant Alibaba.

In the third quarter, eBay expects to receive revenue in the range of $2.61-2.66 billion. Earnings per share will increase by 1-3% and will be in the range of $0.40 to $0.44, the company hopes.

The Internet auction site raised its annual profit forecast for the second time in a row. For the full 2019, net revenue will increase by 2-3% and will be from $10. 75 to $10.83 billion. Earnings per share will be from $1.97 to $2.07. Analysts at JP Morgan expect eBay's advertising revenue to top $700 million this year and could rise to $1 billion in a year or two.

The company plans to spend about $7 billion on share repurchases and dividends over the next two years. eBay shares have been winning back this factor since the beginning of the year: quotes have risen by 40% since January.

After the release of the financial statements, analysts of the largest investment houses have revised their assessments of the shares. Raymond James raised its target price from $44 to $45, JP Morgan raised its valuation from $39 to $42, Citigroup raised its target price from $40 to $48, Piper Jaffary from $35 to $38, Credit Suisse from $43 to $49, Jefferies from $36 to $39, RBC Capital Markets - from $34 to $38, Stifel - from $41 to $42.

Consensus forecast for eBay shares from Refinitiv is 7% higher than the current price. 15 subject matter experts recommend buying stocks, 19- keep in the portfolio, two recommend selling shares.