The calculation of your UIF (Unemployment Insurance Fund) payout depends on several factors such as your previous income, the duration of your unemployment, and the reason for your unemployment. Here are the general steps to calculate your UIF payout:
- Determine your average salary: Your UIF payout is calculated based on your previous salary, so you need to calculate your average salary for the last four years of employment. Add up your total earnings for the last 48 months and divide by 48.
- Determine your daily benefit: Your daily benefit is calculated by taking your average salary and dividing it by 30. The UIF pays out 38% of your daily benefit.
- Determine your maximum payout period: The maximum payout period is 365 days (12 months) in a four-year cycle. If you have worked for more than four years, your maximum payout period will be longer.
- Determine your payout amount: To calculate your payout amount, multiply your daily benefit by the number of days you are eligible for benefits, up to the maximum payout period.
For example, if your average salary is R10,000 and your daily benefit is R333, your maximum payout period is 365 days, and you are eligible for benefits for 120 days, your UIF payout will be R15,960 (R333 x 120). Keep in mind that there may be additional deductions, such as tax and other fees, from your payout amount.