When do I stop paying UIF?


Question:

I am 73 years old. Still very healthy and am still working. When do I stop paying UIF, which I have done from the age of 18 years. Will I be able to claim UIF when I retire next year?

Answer:

Barbara, We are not UIF experts but as far as we know, all full time employees are required to pay UIF. Unfortunately, UIF is an unemployment insurance benefit that only pays out when people lose their job involuntarily (retrenchment, dismissal, illness, pregnancy etc). It does not pay out when you retire. You have to claim your retirement fund at that point.

The information and answers supplied in this section do not constitute advice as defined by the Financial Advisory and Intermediary Services Act, 37 of 2002.


Get investment and saving tips straight to your inbox.

Related FAQ

What is a Tax-Free Savings Account?

Tax-Free Savings Accounts (TFSAs), which were introduced in South Africa in 2015, provide tax benefi...

Related FAQ

How to invest with 10X Investments

Figuring out how to save for your future can be overwhelming. At 10X, we don’t complicate what can a...

Calculator

How much do I need?

We can help you plan your future. Use our calculator to see if you are on track for a comfortable retirement.

RA Calculator

Get started or switch to 10X today.