COID Registration & Letter of Good Standing
Being Compliant with the Compensation Fund is mandatory for all companies and subsidiaries managing a business in SA.
Through the prescriptions of the Compensation for Occupational Injuries and Diseases Act (Act 130 of 1993), a process was implemented by the government that provides for the payment of compensation.
The aim of the COID Act is to provide for compensation in the case of disablement caused by occupational injuries and diseases, sustained or contracted by employees in the course of their employment, or death resulting from such injuries and diseases; and to provide for matters connected therewith.
Workers who are injured on duty or obtain an occupational disease can claim compensation for temporary or permanent disablement. If workers die as a result of an injury on duty, their dependents will also be entitled to claim compensation. Employers that registered their employees are protected against civil claims in this regard. The COIDA basically prevents employees covered by the act from suing their employers for damages in terms of common law.
According to prescription, anyone who employs one or more part- or full-time workers must register with the Compensation Fund and pay annual assessment fees. The Compensation Fund is a trust fund that is controlled by the Compensation Commissioner and the employer contributes to the Compensation Fund. The Commissioner is appointed to administer the Fund and approve claims lodged by employees or their dependents. This means that the Fund will compensate the employee or their dependents and not the employer.
The annual assessment fee of an employer is based on their employee’s earnings and the risks associated with the type of work or profession. Before 31 March each year, all employers (including contractors) must submit a statement of earnings paid to all their workers from the beginning of March to the end of February.
Companies that are classified as Section 13 Employers, must register with the Compensation Fund, but thereafter they will be referred to Rand Mutual Assurance (RMA) for assessment. RMA will be handling all assessments, claims, and letters of good standing for these employers.
Should I fill in a COID registration form or find a way to complete my COID registration online? Let the Express Team take care of it for you!
The Express Team can assist with the following and more COID matters
- COID Registrations
- COID Letter of Good standing & Annual Returns
- Tender Letters
- Payment Arrangements & Payment Allocation with COID
- COID Domestic Workers Registrations
- COID Claims Process & Refunds
- Other COID Services
First and foremost thank you for your help and assistance! thank you for understanding the urgency and copying in my client when emailing the long-awaited letter of good standing. Much appreciated!
Thank you for your assistance and awesome service.
Many thanks team, You always provide excellent service!
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