FREE eNewsletter
Sign up to Health and Safety BulletinGet daily Health and Safety tips delivered to your inbox
Download your FREE report now
What does the new Employee Tax Incentive Bill mean for your business?
Unemployment is a big problem in South Africa. So it's no wonder that government has finally stepped in to reverse the high levels that affect the youth. How? By making sure its new Employee Tax Incentive Bill comes into effect. And it will, the minute 2014 ushers in. Here's what you need to know [read more...]Research finds that absenteeism is the reason South Africa's losing its competitive edge
New research has found that South Africa's losing its competitive edge. And it's all thanks to absenteeism. That's just the tip of the tip of the iceberg. There are other worrying trends when it comes to sick leave abuse in the workplace. Here are the details of the study... [read more...]New B-BBEE codes unveiled! Find out what this means for your business...
Trade and Industry Minister Rob Davies has unveiled the new Broad-Based Black Economic Empowerment (B-BBEE) codes of good practice. Davies announced the new codes yesterday at the B-BBEE summit in Midrand. Reports suggest the codes will be published in the Government Gazette on October 11. Read on [read more...]| by FSP Business, 16 October 2013 |
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.
Enjoyed this article? Subscribe to receive these free articles in your inbox daily.
Can I ask an employee to show me their personal emails? This email address has been used for business purposes, even though it is their 'private' email. I suspect this employee of also communicating confidential ... [see the answer]
