Unemployment Safety Net

#61558; WHY UNEMPLOYMENT INSURANCE?:

Life is unpredictable, rough and tough business competition and the globalizing economies mean that job security can no longer be guaranteed. You and anyone no matter the position held can be fired at anytime. Unemployment in our country is high and securing job when unemployed can take months exposing you to extreme poverty and loss of accumulated assets.

What will happen to you and your family if you lost your job today? How would you feed your family? Who would make your house payments, car and account payments? How would you survive-without money? Unemployment Safety Net, Unemployment insurance is an innovative form of risk management primarily used to hedge against the risk of loss of employment income.

 WHAT IS UNEMPLOYMENT SAFETY NET?:

The unemployment safety net provides temporary (12 Months) partial income support to Namibian workers who become involuntarily unemployed.

In the event of the Insured Person suffering loss of employment before his/her retirement, the benefit shall be paid monthly for a maximum of (12) twelve months from the first month of unemployment, subject to certain terms, conditions and exclusions.

This safety net helps workers and their families meet their basic necessities (contributing to poverty alleviation) during a time of need, but it also helps the Namibian economy.