JOHANNESBURG - Unemployment Insurance Fund Commissioner, Teboho Maruping says placing the UIF under administration is not a solution to the problems the fund may be facing.
This comes after business organisations and labour unions called for Employment and Labour Minister, Thulas Nxesi to put the fund under administration following its failure to pay thousands of beneficiaries.
Meanwhile, Maruping says the fund is in a solid financial position.
He said, "in order for you to put an institution like UIF under the administration, UIF then should be in a financially difficult position."
"In 2020 we were sitting on R180-billion, we paid COVID R64-billion, we paid workers affected by the business unrest and we also paid business in KZN affected by the floods, our portfolio dropped to R100-billion."
"Since 2020, we've recovered about R235 billion, we are in a solid financial position."
"Are we meeting our mandate requirements which is paying beneficiaries? Yes, we do. We've paid between R15-billion and R18-billion per year but I would not lie and say there are no issues."