UIF report shows strong recovery

FOR most South Africans, the Unemployment Insurance Fund (UIF) is more than a line item on a payslip. It's the difference between survival and despair when jobs are lost, when illness strikes, or when families grow.

- TREVOR HATTINGH

The Fund's newly tabled 2024/25 Annual Report tells a story of quiet but meaningful progress one that deserves recognition, even as challenges remain.

In a year defined by slow economic recovery and stubbornly high unemployment, the UIF stood firm. It paid out R18 billion in benefits to 3.1 million beneficiaries, giving millions of workers and their families a measure of security. That's not charity - it's a constitutional promise in action, ensuring that social protection remains a lived right, not an abstract ideal.

The UIF's financial position is solid. The Fund closed the year with a net surplus of R23 billion, up from R15.8 billion the year before - an impressive turnaround for any public entity. Revenue from employer and employee contributions rose to R26 billion, buoyed by the registration of over 43 000 new employers, signalling both improved compliance and confidence in the institution.

Yes, investment revenue dipped slightly to R11.4 billion, but the overall balance sheet tells a story of sound management and prudence. Actuaries have confirmed the UIF's "going concern" status, which means it remains financially sustainable and capable of fulfilling its mandate for years to come.