To establish the Unemployment Insurance Fund; to provide for the payment from the Fund of unemployment benefits to certain employees, and for the paymentof illness, maternity, adoption and dependant's benefits related to the unemployment of suchemployees;toprovidefortheestablishment of theUnemployment InsuranceBoard, thefunctions of theBoardandthedesignation of the Unemployment Insurance Commissioner; and to provide for matters connected therewith.
Investment of money of Fund 15 9.
Act No. 63,2001 UNEMPLOYMENT INSURANCE ACT, 2001 15.
"NEDLAC" means theNationalEconomic, DevelopmentandLabourCouncil established by section 2 of the NationalEconomic, DevelopmentandLabour Council Act, 1994 (Act No. 35 of 1994); "officer" means an officer as defined in section 1 of the Public Service Act, 1994 (Proclamation No. 103 of 1994); "prescribed" means prescribed by regulation; "public service" means the public service as contemplated in section 197 of the Constitution of the Republic of South Africa, 1996 (ActNo. 108 of 1996); "regulation" means a regulation made underthis Act; "remuneration" means "remuneration" as defined in section 1 of the Unemploy-ment Insurance Contributions Act; "seasonal worker" means any person who is employed by an employer for an aggregate period of at least three months over a 12 month period with the same employer and whose work is interrupted by reason of a seasonal variation in the availability of work; "this Act" includes any regulation made in terms of this Act; "Unemployment Insurance Contributions Act" means an Act passed by Parliament after this Act, providing for unemployment contributions; "week" means any period of seven consecutive days.
(b)The investigation must be concluded within 12 months from the date that this section takes effect.
The raising of funds by way of loans and bank overdraft facilities in respect of the Fund must be done in terms of the Public Finance Management Act, 1999 (ActNo. 1 of 1999).
The money of the Fundotherthanmoney required to meetthecurrent expenditure of the Fund may be deposited on behalf of the Fund by the Director-General with the Public InvestmentCommissionersto be invested in terms of the Public Investment Commissioners Act, 1984 (Act No. 45 of 1984).
Any profit on investments accrues to the Fund and any loss must be borne by the Fund.
(2)The Director-General may accept donations or bequests for and on behalf of the Fund.
The Director-Generalmust appoint an actuary who is a member of the Actuarial Society of South Africaor who is supervised by a memberof that Society to perform the functions assigned to the actuary in this Act.
Within two months after the end of each financial year, the actuary must review the financial soundness of the Fund for that financial year, and provide anactuarial valuation report to the Director-General.
The Director-General may only submit the report contemplated in subsection(1) after having consulted with the Board and the actuary on the contents of the report.
Despite section 49(2) to (5)of the Public Finance Management Act, 1999 (Act No. 1 of 1999), the Director-General is the accounting authority for the Fund.
any amount written off in terms of section 58(8); and (kj any other matter determined by the Minister.
(a)The Minister may, with the concurrenceof the Minister of Finance, by notice in the Gazette and subject to subsection (4), amend the scale of benefits contained in Schedule 3 in accordance with a maximum monthly rate of remuneration of a skilled manual labourer as determined by the Social Security (Minimum Standards) Conven-tion,1953(Convention No. 102), of theInternationalLabourOrganisation.
For purposes of this Part, any period of unemployment must be calculated from the date of unemployment.