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Do you have more than one employee? Avoid penalties and register with COIDA

by , 20 March 2013
If your company has one or more employees, you must register with the Compensation Fund, in terms of the Compensation for Occupational Injuries and Diseases Act (COIDA).

Why?

Because you could face serious penalties and even criminal charges if you don't! Once you're registered, you need to complete your return of earnings statements and submit to the Compensation Commissioner.
What's that you ask?
Let me explain...

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Do you know about the Compensation for Occupational Injuries and Diseases Act 130 of 1993 (COIDA) and your legal requirements for registration processes and tariffs?
 
Did you know that if you employ even one worker, you must comply with this legislation?
 
Did you know that if you hire contractors to work on your site or at your workplace that this legislation also applies to you because you must make sure that your contractors are registered with COIDA?
 
Failure to comply with the Compensation for Occupational Injuries and Diseases (COID) Act will result in fines and penalties.
 
 
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What is return of earnings?
 
The annual return of earnings or statement of earnings is the salary/wages paid to all employees (temporary or permanent) before the 31st March every year. The return of earnings must be for the period from 1 March of the previous year to the end of February of the current year.
 
If you don't submit your return of earnings or you submit them incorrectly you'll face the penalties!
 
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Penalties you could face for not submitting or submitting incorrect submissions
 
If you submit your return of earnings and your actual earnings are more than what you said they were, you'll be fined 10% of the difference between the actual amount and the amount you submitted.
 
If you don't submit your return of earnings then the Commissioner will have to make an estimate of your earnings (Section 83.6.a of the COID Act). You'll be fined 10% of the amount that he assessed.
 
If it's later proved that your actual earnings were more than what was estimated, you'll have to pay a fine of 10% of the difference.
 
Chapter C15 of your Health and Safety Advisor will explain the process of registration and the tariffs you have to pay in more detail. We also cover:
 
Why must your company register with COID?
If you have contractors working for you, what must you do in terms of COID?
When do you pay COID your contribution tariff?
How much tariff will you have to pay to COID?
What if you don't submit your earnings?

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