UIF
Understanding your retrenchment benefits is of great importance. As a minimum, the employer is required to provide you with one week’s remuneration per completed year of service, plus any outstanding leave paid in full. That said, many reputable employers make
If you are on maternity leave, you are able to claim unemployment insurance from the UIF provided that you contributed to the fund for a period of more than four months prior to going on leave. To qualify for the
As soon as you can, start putting money aside into a baby fund that is earmarked for costs such as baby, clothes, prams, car seats, nappies, formula and toiletries. Use a savings account, money market or fixed deposit to house
If you’re planning to be a stay-at-home mom, you will naturally need to factor your loss of income into your household budget. The transition from a double-income to a single-income family can be a difficult one, so think carefully about
You have a number of options regarding your severance benefits, and what you do with this money largely depends on your personal circumstances. If you are likely to need the money in the short term, rather put your cash in
Your severance package is separate from your retrenchment benefit (retirement fund benefits) and includes the one week’s pay for every year worked and all other monies owing by your employer as a consequence of your employment. From a tax perspective,
Once you and employer have come to agreement on your severance benefit, keep in mind that the Income Tax Act allows more favourable tax treatment of these benefits. The first R500 000 of your severance pay, being a combination of
While you can only add your new baby to your medical aid and gap cover after the birth, do your medical aid and gap cover investigations now so that you are ready to add your child as a dependant straight
Most companies have taken a hit as a result of the coronavirus pandemic and national lockdown. Retrenchments are on the rise and unemployment is endemic. While your retrenchment may be upsetting, avoid taking it personally.
