UIF Calculator (2024) How to Calculate UIF

Calculating your UIF should be a very easy task, you just have to know the right way to do it and follow the procedures which will be listed here. The unemployment insurance fund is one of the best things that could happen or one that you can do that can help give relief to workers who have lost their job in different processes.

UIF Calculator – How to Calculate UIF

The amount you receive as a UIF payment depends on your monthly salary when you were employed. Employers will have to cut 1% from their employee’s salaries to pay for their UIF and employers will pay the same amount as well which makes the total contribution to the fund to be 2%.

If a teacher earns R4, 000 a month, the employee has to deduct 1% of the salary, which is R40, and the employer also has to pay an extra R40 for the worker. Therefore, the total amount paid to UIF South Africa is R80. This should give you an insight into how any of this works.

UIF Calculator

Several calculators are available so that you can calculate your UIF to know how much you have contributed so far and how much you will be benefitting. There are also many ways you can calculate, manually or using your calculator. You can check out the best UIF calculators, though not all will give you the accurate result you are looking for, this is why you are advised to do all of this manually especially if you have been contributing to UIF for a long period.

There are so many rules that are attached to the UIF which you will have to study and follow as a guideline or procedure to make sure you do not miss out on any of the benefits.

How to Calculate UIF

Calculating your UIF there are several ways that you can do it. You can either use a calculator or do it manually. The procedure stated here can be used to calculate manually and you will achieve the same result. Now if you have been paying your UIF for years, the calculator which is available will only you to calculate for up to 4 years and this is due to the UIF policy. So manual calculations can also be done to know the total money from which you can benefit.

Total benefit amount = daily benefit amount x available credit days. Credit days are accumulated as follows: for every four days that you work as a contributor, you receive one day’s credits subject to a maximum of 365 credit days. Daily benefit amount (DBA) = 66% of income capped at R17712 per month.

UIF Calculator Example

There are so many UIF calculators available, though not all of them are accurate you will find the need and the use for them.

200 days/5 = 40

Take the 33 and multiply it by your daily remuneration, which is R164.38.

You will get R7,232.72 as your claim.

• This calculator only calculates your UIF benefits that are up to 48 months or below. Anything more than that it does not accept it.

UIF Calculator for Employers

Being an employer you will be tasked with so much responsibility, which is one of them. The UIF calculator helps to know how much you will be contributing to the system and the rules which are needed to follow. As an employer you will be the one to contribute 1% of every employee’s salary in the UIF system as yours as well is not left out.

During registration on the portal, a lot of questions will be asked and so many things will be straightened out. The amount of the contribution due by an employee must be 1% of the remuneration paid by the employer to the employee. The employer must pay a total contribution of 2% (1% contributed by the employee and 1% contributed by the employer) within the prescribed period.

As an employer, you must make sure that UIF contributions are being paid and that you are getting records and statements of everything that is been contributed to the system. The UIF system is a very good one and there are so many benefits attached to it. You can use the UIF calculator to calculate how much you are supposed to pay as an employer and do not forget you can do it with the procedures that have been discussed in this article.

How to Calculate UIF Contribution to Salary

Calculating your UIF contribution on salary can be quite easy. There are so many ways and techniques that you can use in achieving this and it all depends on what you are being paid. If you are a high-income earner or a low-income earner there are very ways that your contribution can be different and there are several things to note when making your calculations.

The UIF payout system makes payment in the percentage of your salary. The highest amount that can be paid is 58% of what you earn daily, and the high percentage applies to lower-paid workers. If you made R164.38 every day, and you qualify to get 58% of this amount, you will receive R164.38 * 58/100 = R95.34 daily. The rule is that if you have been contributing for more than four years, you are entitled to 365 days’ worth of benefits.

A simpler way to calculate your UIF contribution on salary is this; if you have a salary of R5, 000 and your daily remuneration is R164.38 and let’s assume that you have been making the payment for 200 days while working. You will have to divide the number of days you have been employed by 5 which is now 200/5=40. Take the 33 and multiply it by your daily remuneration, which is R164.38. You will get R7, 232.72 as your claim.

Closing

The UIF calculator is one of the best and safe ways to know how much you are contributing and how much you have contributed to the system. There are lots of ways to do this which have been discussed in this article.