UIF: Only 35% of R64bn TERS funds accounted for
The Unemployment Insurance Fund has moved to justify why only 35% of the R64 billion paid out in Covid relief money has been accounted for so far.
At the start of the pandemic, the UIF set up the Temporary Employer/Employee Relief Scheme (TERS) to help workers and companies impacted by the Covid measures that were put in place.
At a briefing in Durban on Wednesday, UIF commissioner Teboho Maruping said they understood that the 35% audited so far, is a small amount considering there's only one more year left of a four-year audit period.
He said they will work aggressively in the final 12 months.
"There were lessons learned and mistakes that were made. That 35% that we have achieved so far, the intention was to make sure that we run the process cleanly.
"We brought in seven accounting firms, the next process is that we want to bring about 30 to that it is an army that goes out and captures within the next 12 months."
