S. Africa May Tap Unemployment Fund to Help Small Business

(Bloomberg) --

South Africa is considering using its Unemployment Insurance Fund to subsidize small businesses by helping pay salaries for workers as demand for their products is sapped by the coronavirus outbreak, a person familiar with the talks said.

The move would be aimed at curbing job losses, the person said, declining to be identified as an announcement has not been made. The money would initially be tapped from the UIF’s 3.6 billion rand ($203 million) surplus, they said.

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