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Everything you need to know about paying your COID tariff

by , 02 July 2014
As an employer, you must register with for COID. This ensures your employees can get compensation if they have an accident.

The compensation fund pays out their claim if the compensation commissioner approves it.

But you have to pay something in first. This is called your COID contribution tariff or your COID assessment fee.

Here's what you need to know about paying these tariffs...

*********** Product endorsement  ************
Do you know when to claim from COID? Shocking survey reveals 5 out of 7 managers don't! 
 
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Do you know when you have to pay your COID tariff or assessment fee?

 
The truth is there isn't a set date when you must pay this compensation fund assessment tariff. It's a once-off annual fee that the compensation commissioner works out based on your employees' earnings and their risk level. 
 
The higher their level of risk of injury at work, the higher your tariff will be.
 
You must submit this information by the end of the 31st of March each year. That way the commissioner can send out notifications of how much you much pay.
 
According to the Department of Labour, you have 30 days after getting this notification to pay the amount. 
 
You could get this notification at any time, so it's difficult to tell exactly when you'll have to pay. If you don't get this notification the whole year, you must call the compensation fund to find out if there's a problem.
 
Now here's how you can pay this tariff...
 
*********** Hot off the press  ************
Are these questions keeping you up at night?
 
Did I train all my employees? 
 
Did I train them on every health and safety topic they need to know? 
 
How would I know what topics I need to train them on?
 
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You have three payment options to pay your COID tariff

 
When it comes to paying your COID tariff, you can pay by:
 
1. Cheque;
2. Direct debit; or
3. Internet banking.
 
If you want all these details for these different payment methods, go to http://www.labour.gov.za. All the information is there so ensure you make your payments correctly when you receive your notification from the commissioner. 
 


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