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TimesLIVE reports that the budget for the UIF's temporary employer/employee relief scheme (Ters) has been increased to R2.4bn from R400m for the latest financial year in response to the loss of 22,554 jobs through retrenchments in the formal sector.
The job losses for the 2023/2024 financial year were recorded by the Commission for Conciliation, Mediation and Arbitration (CCMA). The commission also reported that out of 38,428 employees who were likely to be retrenched, 14,887 jobs (39%) were saved through interventions. Department of Employment & Labour (DEL) Minister Nomakhosazana Meth said the increase in the Ters budget was intended to assist companies in distress and prevent employee layoffs amid unstable economic conditions. “The alarming number of job losses necessitated an adjustment in our budget to enhance Ters. Our goal is to preserve jobs and support companies facing financial difficulties,” she elaborated. Ters provides financial assistance to companies in distress for up to 12 months. The scheme enables employers to retain employees by covering their salaries while the company focuses on implementing a turnaround strategy to remain operational. During this time, employers are required to cover only employee social costs such as provident fund and medical aid contributions. Ters was introduced in 2020 during the Covid-19 pandemic. By its two-year anniversary, R64bn had been disbursed to 5.7-million workers.
- Read the full original of the report in the above regard at BusinessLive
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