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Keep these records if you want to fully comply with the COID Act

by , 07 April 2014
If you think proper record keeping only applies to tax matters you're wrong. You must also keep records when it comes to health and safety matters. More specifically, the Compensation for Occupational Injuries and Diseases (COID) Fund. If you fail to do this, you're going against the Compensation for Occupational Injuries and Diseases (COID) Act. Don't take that risk. Read on to find out which records you must keep so you can comply with the Act and avoid penalties.

What is COID?

The Health & Safety Advisor explains that '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 a legal requirement that all companies who employ people are registered with COID. This applies even if you only have one employee.

Over and above this, you must keep the following records when it comes to COID.

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Keep these seven records to comply with the COID Act

You must keep records of all the statements you've submitted to the Compensation Commissioner, your assessment that you receive from the Commissioner, as well as the payments you make to the Commissioner.

You must keep these documents for a minimum of 5 years, but it's recommended that you keep them for 7 years.

Here's a list of some of the documents that you must keep on record:
 

  1. Return of earnings
  2. Assessments from the Commissioner
  3. Copies of Letter of Good Standing
  4. Claims that have been made for injured workers to the Commissioner
  5. Payment that have been made to the worker from the Commissioner (if possible)
  6. Database of reported injuries
  7. A trend analysis of all injuries including first aid treated injuries

Now that you know what type of records you must keep, make sure they're all properly dated and there's both an electronic and hard copy version available. This will help ensure you fully comply with the COID Act.

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