HomeHome SearchSearch MenuMenu Our productsOur products

Everything a business owner needs to know about contributing to the Compensation Fund

by , 15 September 2014
Did you know: COID isn't just about giving your employees compensation? You have to give back to COID each year too. This is your contribution to the fund and it enables COID to keep helping your employees.

So when do you make this contribution?

How much must you contribute?

How do know what to contribute?

Don't panic!

Today, we're telling you everything you need to know about your contribution to COID...

 

How much do you have to contribute to the Compensation Fund?

 
Before 31 March each year, you must submit a Statement of Earnings that shows how much you've paid to all your workers from the beginning of March to the end of February. 
 
The Compensation Commissioner calculates your annual assessment fee on workers' earnings. He'll then work out your assessment tariff based on the risks associated with the type of work your employees do. 
 
The Compensation Fund calculates how much your company has to pay depending on those two assessments. It'll send you an assessment document and specify a date when you must pay the money. 
 
There are a few factors that affect that amount you'll pay. 
 
*********** Reader's choice  ***************
 
Do you know when to claim from COID? Shocking survey reveals 5 out of 7 managers don't! 
 
 
***************************************
 

Here are some of the factors that'll affect the amount you'll pay to COID

 
If you only have a few employees and remuneration is below a minimum level, there's a minimum payment that the Compensation Fund determines on an annual basis. 
 
The higher the risk of incidents, the higher the contribution to the Compensation Fund will be. 
 
There are over 100 sub-classes of industries and the Fund calculates the assessment rate on the history of claims within each industry sector.
 
Warning: Avoid penalties! If your claims exceed the industry average, the Compensation Commissioner has the right to increase the amount you pay by adding a penalty.


Related articles




Related articles



Related Products



Comments
0 comments


Recommended for You 

  Quick Tax Solutions for Busy Taxpayers – 35 tax answers at a glance



Here are all the most interesting, thought-provoking and common tax questions
asked by our subscribers over the last tax year – everything from A to Z!

To download Quick Tax Solutions for Busy Taxpayers – 35 tax answers at a glance click here now >>>
  Employees always sick? How to stop it today



Make sure you develop a leave policy to regulate sick leave in your company.

BONUS! You'll find an example of the leave policy and procedure in this report.

To download Employees always sick? How to stop it today click here now >>>
  Absenteeism: Little known ways to reduce absenteeism



This FREE e-report will tell you how you can reduce absenteeism in your workplace while avoiding the CCMA and without infringing your employees' labour rights.

To download Absenteeism: Little known ways to reduce absenteeism click here now >>>
  7 Health & safety strategies to save you thousands



Don't let a health and safety incident cost you one more cent. Implement these seven
strategies in your company today.

To download 7 Health & safety strategies to save you thousands click here now >>>