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Unemployment Insurance Act, 2001 (Act No. 63 of 2001)

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.
(b) The Commissioner must compile the business plan with the assistance of the actuary and the Board.

[Section 11(2) substituted by section 3 of Notice No. 35, GG 40557, dated 19 January 2017 (Unemployment Insurance Amendment Act, 2016)]

 

(3) 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.