The minimum pay-out is capped at R3 500 and the maximum pay-out is calculated on the threshold basic salary of R17 712.
Calculation of the benefit pay-out will be determined in terms of section 13 and Schedule 2 of the Unemployment Insurance Act 63 of 2001 (UIA), on a sliding scale between 38% and 60% of your basic salary, capped at the current threshold (R17 712).
The TERS benefit is de-linked from the UIF’s normal unemployment benefits. The rule that an employee accumulates one day’s credit for every four days worked and a maximum 365 days credit for every four years worked, will therefore not apply.
The TERS benefit is to be utilised exclusively to pay for the cost of the employees’ salaries during the temporary closure of the business operation.
Does my employer qualify to claim on my behalf from the TERS benefit?
Yes, subject to the following:
* Employer must be registered with the UIF.
* Employer must have suffered financial distress because they had to close their operations for a period of three months (or lesser), as a direct result of the COVID-19 pandemic.
* Employers must comply with the application procedure for the financial relief scheme.
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