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Revealed: Two important points you must know about COID

by , 02 July 2014
The Compensation for Occupational Injuries and Disease Act (or COIDA) came into existence in 1993. This Act says you, as an employer, must pay regular contributions to the Compensation Fund.

This fund pays out claims to your employees, if they're injured or get sick at work.

This is useful for you as an employer too. It protects you from exorbitant legal claims for compensation. But it's also a legal requirement, so if you haven't registered with COID, you're breaking the law.

To ensure your legal compliance, remember these two important points...

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COID is here to protect and aid your employees in case they're injured or fall ill

 
 
To be compliant with its legislations, you need to know about:
 
#1: How to register: The first thing to remember here is you must register even if you only have one employee. 
 
You can get a COID registration form from any regional Compensation Fund office, the Department of labour or online from www.labour.gov.co.za.
 
The COID form you need is COID- W. AS2.
 
If you have several businesses within your company, you must register each one separately.
 
The second point you need to know about COID, is how the tariffs work...
 
#2: When to pay your tariffs and how much it'll cost: To pay your tariff submit, your statement of earnings (salaries) for all your employees. You have to do this before the 31st of March every year.
 
The amount you'll have to pay may be different for each of your employees. The Commissioner will work it out based on the salary/wages you pay each employee and the level of risk each employee faces.
 
The higher the level of risk, the more you'll pay in tariffs. The commissioner will notify you of how much you must pay once he's calculated it.
 
If you need any more information on COID, look at your chapter on COID: Registration and Tariffs, in the Health and Safety Advisor.
 
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