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Amended Unemployment Insurance (UIF) Act
10. Surplus and deficit in Fund
as amended by the
Amendment - Unemployment Insurance Act
Chapter 2 : Unemployment Insurance Fund
10. Surplus and deficit in Fund
(1)
Subject to subsection (2), the Director-General must report and make
recommendations to the Minister if the difference between income and
expenditure of the Fund is—
(a) greater than is required to meet payments for benefits; or
(b) insufficient or not increasing at a sufficient rate to meet
payments for benefits that may reasonably be anticipated.
(2) 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.
(3) In
respect of a report contemplated in subsection (1)(a), the Minister,
after consultation with the Board, may utilise the surplus to give
effect to the purposes of this Act, including—
(a) improving the administrative efficiency and capacity of the
Board and Fund; and
(b) establishing a reserve fund.
(4) In respect of a report contemplated in subsection (1)(b), the Minister may request the Minister of Finance to adjust the national budget in the manner contemplated in sections 16 and 30 of the Public Finance Management Act, 1999 (Act No. 1 of 1999), in order to cover any deficit in the Fund.
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