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6 Points you must know when paying your COID tariffs

by , 21 November 2016
6 Points you must know when paying your COID tariffsCompensation for Occupational Injuries and Diseases (COID) is a government body which compensates workers injured on duty.

It protects your workers through you paying your COID tariffs.

Not complying with the COID Act, will lead to penalties and fines

Having said that, here are 6 important points you must know when it comes to paying your COID tariffs:

1. You must submit your statement of earnings (salaries/wages) which you paid to all your permanent and temporary employees BEFORE 31st March each year.
 
2. The statement must be from the 1st March, of the previous year, to the end of February of the current year.
 
Keep on reading to learn the other 4 points…

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6 Points you must know when paying your COID tariffs continued…
 
3. If you start your business after the last day of February, then you must submit an estimate of your earnings, for the balance of that year, to the Compensation Commissioner within 7 days of starting your business.
 
4. If you're starting more than one class, or category, of business, or you're starting your business in more than one place, then you must send through separate estimates to the Compensation Commissioner.
 
5. Your Human Resources Manager is responsible for paying the correct salaries and for ensuring that all wages will have the correct earnings information.
 
6. If you submit a statement of earnings, while your actual earnings are more than what you stated, then you'll have to pay a 10% fine on the difference between the actual amount and the amount you stated.
 
Those were 6 points you simply must know when it comes to paying your contribution tariffs to COID. And as you saw in the final point, any 'mistakes' can lead to serious fines. So make sure you adhere to all that's required of you when it comes to COID. 
 
Do you want to learn more? Then subscribe to our Health and Safety Advisor today.
 
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