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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. 
 
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Do you know when to claim from COID? Shocking survey reveals 5 out of 7 managers don't! 
 
 
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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.

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