Statistics Act, 1999
R 385
Unemployment Insurance Act, 2001 (Act No. 63 of 2001)Chapter 2 : Unemployment Insurance Fund10. 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. |
