The big COVID-19 pandemic hit the world from all corners, causing serious havoc and crises within countries. As a way to stimulate and create support, some governments introduced new policies to help individuals who may have been affected.
The largest group of individuals were those who were affected as workers. A lot of people were laid off due to restructuring and lower productivity. Some also completely lost their jobs due to firms shutting down. This became a headache for the South African government, hence introducing a new initiative.
The TERS is an initiative by the South African government to provide financial benefits for individuals who have been affected by COVID-19 and lost their jobs.
The TERS is known as the temporary employee relief scheme. TERS benefits are designed to provide financial assistance to those who are impacted by the lockdown period and are unable to earn their regular income. If you are in need of financial help due to the COVID-19 lockdown and its effects, TERS benefits may be able to help you.
As we continue to share information on relief schemes like TERS, this blog post will highlight those who qualify for TERS benefits, how you can claim TERS benefits and other related information.
Are UIF TERS Payments Taxable?
The TERS scheme was established in 2020 as a shock absorber for employees who may have been affected by the COVID-19 pandemic. The purpose of this TERS was to provide short-term relief in the financial aspects of individuals who may have lost their income during the COVID-19 moment.
There has been a couple of question surrounding TERS payments, and this is mostly attributed to the taxation component within this scheme. Many will want to know if the TERS payments qualify for any tax exemption.
Based on the press release from the South African Revenue Service, it has been indicated that the TERS payment is not taxable. When you understand the tax component, many see the TERS payment as some sort of salary but that is not how SARS and its stakeholders categorize it.
The payment in question is not considered compensation from the employer. Employers are not required to withhold any tax, whether PAYE, when making TERS payments. There UIF TERS payments are not taxable.
Who qualifies for the UIF ters benefit?
Qualifying for UIF TERS benefits means meeting the established criteria or conditions. Once a qualification is set, SARS and all parties can ensure that the right people enjoy these benefits. Qualification serves as a means to select the deserving candidate for a particular scheme or program. This promotes equity, fairness, and accountability during fund distribution.
If you wish to know if you qualify for the UIF TERs benefits, here are the categorized selections:
- Individuals who were laid off due to the company cutting down employees or the purpose of redundancy
- Employees who suffered salary reductions to meet the operational input of the employer
- Individuals who got reduced working hours had their salaries reduced.
- Individuals who were not able to work at all during the COVID-19 period
How do I claim a ters employee?
Have you been affected by the COVID-19 pandemic and are looking to get some benefits? Are you considering claiming TERS as an employee? Well, here is the guide:
The TERS employee claim is quite different, as this falls on the employee to take action. What you can do to claim TERS as an employee is to follow up with your employer if they are part of this scheme.
As an employee, you can send an email to COVID19ters@labour.gov.za to make the necessary inquiries.
Employers are encouraged to check with the right organization when it comes to TERS benefits, which include the Department of Labor and SASSA.
Which sectors qualify for ters extension?
The sectors that qualify for TERS extensions are the various industries that had a direct impact on COVID-19. Certainly, a lot of firms faced these issues, but there were some that had to shut down completely. In some cases, it became so extreme that no one could visit such places. For instance, there was a point where people could not visit any tourist sites.
The South African government extended the Temporary Employee Relief Scheme (TERS) to support businesses in certain sectors that have been negatively impacted by the COVID-19 pandemic. This includes venues that host auctions, professional sports, social events, and live performances. If your business is included in these sectors, you may qualify for a TERS extension.
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