TERS Post-Verification To Be Conducted On the 27th of November 2020, the UI Fund issued a notice to all companies/employers, informing them that post-verification will be done on all employers who benefitted from the COVID-19 TERS scheme.
The post-verifications will be undertaken from the 1st of December 2020 by several audit firms identified by the Fund. All companies who applied for the COVID-19TERS benefit accepted the Memorandum of Agreement (MOA) which stipulate that employers may be audited at any given time by an appointed auditor. The Fund has now invoked its right according to the applicable clause in the MOA.
It is advised that all employers/companies who received any COVID-19 TERS benefits, start preparing, at least, the following information to be readily available when requested. Please note that the following list is the minimum to be provided, as such additional information may be requested:
- All documents submitted to TERS at the time of each lockdown period;
- Bank Statements relating to the TERS applications;
- The HR file of each employee for whom benefits were claimed; – Payroll reports from 1 January 2020 till 30 July 2020;
- Proof of Payment of TERS funds to employees;
- Proof of Refunds to UIF, if applicable.
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