The Compensation for Occupational Injuries and Diseases (COID) Act requires all employers to submit a declaration, known as a Return of Earnings (ROE) or W.As.8, of annual earnings to the Compensation Fund each year. This amount, combined with the category in which the business is registered, will determine the amount payable by the employer to the Compensation Fund.
NB: The ROE service is for the submission only. It does not include the amount payable (assessment fees) to The Compensation Fund.
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All Employees are required by Law to do their COID Registration within 7 working days of employment of their first employee. There after, every year on the 31st of March, employers (this includes contractors) are required to submit a Return of Earnings stating the total wage/salary expenditure between March of the former year and February.
The fund then reviews the Return of Earnings and stipulates the amount payable in a Notice of Assessment.
That means you’ll be paying annual assessment fees to the Workman’s Compensation Fund.
Paying your assessment fee will enable you to apply for a Letter of Good Standing, which is a requirement for Tenders.
We can assist with your COID Return of Earnings – contact us toll free on 0800 007 269.
Annual assessment fees/tariffs are the yearly fees any employer has to contribute to the Compensation Fund based on the earnings of his or her employees. This annual amount is also influenced by the type of work these employees do.
Certain professions have a higher risk of occupational injury, death or harm, so the annual contributions will be higher for high-risk versus low-risk employees.
Every year the total cost of the employee-salaries will be reviewed – along with the professions to determine a fair contribution the employer needs to submit to the fund to safeguards his or her employees.
There are a few things that could happen depending on how and why you don’t pay the Compensation Fund as an employer. Here they are (plus their correlating legislation):
The amount payable to the Compensation Fund is called assessments. Do you have to pay the full amount or can you divide it into instalments? Here are the rules:
We can assist with your COID assessments – contact us toll free on 0800 007 269.