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Amended Unemployment Insurance (UIF) Act
11. Accounting, auditing and financial reporting
as amended by the
Amendment - Unemployment Insurance Act
Chapter 2 : Unemployment Insurance Fund
11. Accounting, auditing and financial reporting
(1)
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.
(2) (a)
At the beginning of each financial year, the
Director-General must file a business plan, approved by the Minister,
with the National Treasury.
(a) The Commissioner must compile the business plan with the
assistance of the actuary and the Board.
(2) In
addition to the matters which must be included in the annual report and
financial statements referred to in section 55 of the Public Finance
Management Act, 1999 (Act No. 1 of 1999), the annual report must set
out and contain a statement showing—
(a) the total number of persons who received benefits in terms of
this Act;
(b) the total number of employers who paid contributions in terms of
the Unemployment Insurance Contributions Act;
(c) the total number of contributors who paid contributions in
terms of the Unemployment Insurance Contributions Act;
(d) the total number of persons deemed to be contributors under
section 45;
(e) the total monetary value of benefits provided in respect of each
category of benefit;
(f) a statement setting out the loans, overdrafts,
advances and financial commitments of the Fund;
(g) the particulars of all donations and bequests received by the
Fund;
(h) the actuarial valuation report contemplated in section 9;
(i) particulars of the use of all immovable and movable
property acquired by the Fund for purposes contemplated in section
58(6) and (7);
(j) any amount written off in terms of section 58(8);
and
(k) any other matter determined by the Minister.
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