JULY 2020 – SOUTH AFRICA
UIF TERS INTRODUCES NEW MEASURES
It is important that employers note the following:
UIF TERS Bank Account Verification
To prevent companies from falling prey to criminal elements, the Unemployment Insurance Fund (UIF) has introduced new and stricter controls to verify banking details.
The fund has received numerous fraud complaints after it emerged that certain individuals managed to change their company’s banking details to their own.
The new rule requires applicants to insert either the enterprise number (CK/CIPC) or the ID number of the bank account holder in the TERS online portal, in order to further verify banking details against the authorised claimant.
This is critical to ensure banking details are verified before any TERS payment is authorised. Failure to do so will lead to more delays in the payment process.
Following the introduction of the new safety and security changes, the fund has had to delay payments. A turnaround time of two days is expected as the funds verifies and validates accounts to ensure that fraud at company level is reduced and eliminated as far as possible.
Contact our legislation team at info@crs.co.za if you require any additional information.
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