COID is a government body that compensates workers who've been injured at work or who have contracted an illness or disease at work.
It's important that you pay your assessment tariff within 30 days.
How much do you have to pay? And how is the tariff for COID calculated?
The COID Compliance Guide explains that the commissioner does an assessment of the wages or salaries you've paid to your workers (temporary and permanent) throughout the year.
The risks associated with the type of work your company forms part of the assessment. If the risks in your company are high, the tariff you'll pay will be higher.
Your tariff is calculated on the history of claims made to COID. A list of more than 100 sub-classes of industries is used to evaluate your risks.
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.
You have 30 days to pay your COID tariff.
After you receive your assessment, you have 30 days to pay your tariff. Remember, you'll be charged interest for late payment.
If you only employ a few workers and the wages or salaries you pay are below the minimum level, you'll only have to pay a minimum tariff. Each year, the commissioner reviews the minimum level, so this may change from year to year.
Warning: If your company's claims for compensation are higher than your industry average, the Compensation Commissioner has the right to increase your tariff. In addition, you may also be required to pay a penalty.
If your company manages the risks and reduces accidents, the Compensation Commissioner will give your company a rebate which will be calculated by assessing the history of your company claims over a 3-year period.
Statistics reveal: COID rejects 80% of all claims!