Your contributions to your country’s Unemployment Insurance Fund can greatly influence how much you’ll receive when you lose your job, and they can also determine whether or not you are eligible to receive benefits in the first place. If you live in Namibia, how much of your paycheck do you need to contribute to your Unemployment Insurance Fund? Read on to find out!

Who Needs to Contribute?

You may need to contribute towards the unemployment insurance fund if you are self-employed, a worker, or an employer. If you are self-employed, you must contribute every year. For workers and employers, contributions are made monthly on a set date each month. In order for your account to be in good standing, you will need to make sure that each contribution is paid on time and that the correct amount has been paid for the entire period.

How Much Do You Need to Contribute?

In Namibia, employers are required to contribute one-third of the contribution rate. The employee is then required to contribute an equal amount. Employers and employees together are required to contribute a total of two-thirds of the contribution rate. When starting a new business, it’s important to know how much you will need to put aside for contributions.

When Do You Need to Start Contributing?

You need to start paying your unemployment insurance fund from the first day of employment. The amount you will contribute is dependent on the salary you earn, and it is calculated monthly.