As you know, COID is the government body that compensates workers who've been injured at work or who've contracted an illness or disease at work.
And it's sure been busy lately – especially in the mining sector where, according to the Mine Health and Safety Inspectorate report tabled in Parliament last month, 112 miners died in 2012 compared to 123 in 2011. In addition, , 'there were 1,478 injuries on gold mines, 1,360 on platinum mines and 267 on coal mines.'
While these numbers are from the mining sector, chances are, your employees could also get injured at work.
And the fund won't help you time if you haven't complied with all its requirements.
Don't take that risk!
Follow these five steps to ensure you're legally compliant with COID
Step #1: After you've registered with COID, attach your return of earnings.
'You must submit your statement of earnings (salaries or wages) that's been paid to all employees (temporary and permanent) before the 31st of March every year. The statement of earnings must be from the 1st of March of the previous year to the end of February of the current year, says the Health & Safety Advisor.
Your Human Resources person responsible for paying salaries and wages will have the correct information regarding earnings.
Step #2: If changes occur, for example, with your return of earnings, make them within seven days.
Step #3: Get your assessment from the Commissioner.
The risks associated with the type of work your company does forms part of the assessment. If the risks in your company are high, your tariff you will be higher.
After the calculation of your tariff has been completed, COID will send your company an assessment document with the due date for the payment of your tariff.
Step #4: Pay your assessment tariff within 30 days
Step #5: Make sure you're never late with submitting your return of earnings (March to February).
Remember, if you don't submit your statement of earnings to the Compensation Commissioner in the prescribed period, he'll assess your business based on his estimation of your earnings. And you'll be fined 10% of the amount that's assessed.
COID is there to help you and your workers should accidents occur. Make sure you can use of it by complying with your side of the bargain.
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