Looted Businesses and Unemployed to Receive Relief Support Grant
President Cyril Ramaphosa announced measures that are set to address the recovery of businesses which were looted in the past few weeks. The issue of the unemployment relief fund is also set to continue.
The President’s speech on Sunday evening was long awaited, with more businesses hoping for good news especially in the alcohol and entertainment sector.
The recent unrest of looting also featured in Ramaphosa’s speech as he announced new relief measures that come with adjusted level 3 lockdown.
Ramaphosa mentioned that a relief support initiative will be launched for businesses affected by looting that took place in KwaZulu-Natal and Gauteng. The relief grant aims at helping businesses to rebuild and recover from their broken state.
The South African Special Risks Insurance Association (SASRIA) is the government insurer which looks at major public disorders and riots. Ramaphosa mentioned SARISA as the main player in the distribution of the much-needed funds by affected businesses.
We are one of the few countries in the world to have a state-owned insurance company, SASRIA, which provides cover against incidents of public violence, strikes, riots and unrest.
The President said businesses that are insured will be covered by SASRIA. The government insurer is committed to provide funding for all valid claims. The insurer will work with private insurers to eliminate delays and setbacks.
Ramaphosa said the priority is to ensure that destroyed businesses are able to operate as soon as possible. In addition to that, government will also make sure that the uninsured businesses affected by looting will also receive support.
The Unemployment Insurance Fund (UIF) will support all employees who lost their jobs as a result of the looting unrest. The government will soon announce the process to be followed in order to apply for the funding.
The government will also be extending the relief support to all employees who lost their jobs as a result of the recent looting unrest.
The Employment Tax incentive will be extended up to a period of four months, this also includes employees earning below R6 500 which their incentive will be increased by an amount up to R750 per month.
Ramaphosa said this initiative will encourage employers to retain their employees. PAYE Tax will also be suspended for a period of three months to provide businesses with an additional cash flow.
The President also announced that unemployed people will continue to earn the R350 grant until March 2022.
The designated Ministers involved in the implementation of the relief funding for both unemployment and business rescue will follow with more details soon. The President is positive that the country will bounce-back and get the economy to work for all South Africans.
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