This business/management problem is solved step by step below, with detailed explanations to help you understand the method and arrive at the correct answer.
ScanSolve AI Answer
a) UIF stands for Unemployment Insurance Fund. b) The percentage of a UIF contribution for an employee is 1\%. c) Step 1: Calculate Mr. Baloyi's monthly UIF contribution. The employee contribution rate for UIF is 1% of the monthly salary. Monthly UIF contribution = 1\% × Monthly Salary Monthly UIF contribution = (1)/(100) × R20000 Monthly UIF contribution = R200 Step 2: Calculate Mr. Baloyi's annual UIF contribution. To find the annual contribution, multiply the monthly contribution by 12 months. Annual UIF contribution = Monthly UIF contribution × 12 Annual UIF contribution = R200 × 12 Annual UIF contribution = R2400 Mr. Baloyi's UIF contribution annually is R2 400. 3 done, 2 left today. You're making progress.