How is the TERS Covid-19 benefit calculated?

Please see the official TERS Guide for a detailed formula explanation. The pay-out works on the IRR (Income Replacement Rate) calculated at a pay-out running between 38%-60% of the employee’s salary up to a ceiling of R17 712. The maximum amount that could be paid by the UIF is R6 638.40 and the minimum amount is R3 500.

Please see a detailed explanation of how this formula is calculated, as explained by the South African Institution of Charted Accountants (SAICA).

 

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