COIDA audit and requirements
COIDA audit and requirements
COIDA audit: requirements for businesses:
- Section 80: all businesses in South Africa that employ one or more employees must register with the Compensation Fund within seven days of the first employee’s appointment. This applies to employees on a permanent or fixed-term employment contract (including seasonal employees). The following information must also be provided: date on which the business was established, the number of employees employed, and the salaries paid to the employees.
- Section 81: personnel records must be kept, as well as salary information. Pay slips must be issued to employees. In the event of an injury on duty, the payslip must be submitted to the Compensation Fund as compensation is based on salary. The slip also validates the employment agreement between the employer and employee.
- Section 82: businesses must declare their annual payroll to the Compensation Fund by March, or by the date as announced by the Compensation Commissioner.
- Section 83: businesses are classified into different sub-classes and each sub-class has its own rate. This rate, together with the salaries declared, enables the Compensation Fund to determine the amount payable by the business.
COIDA audit:
- Completed salary return form
- Account issued by the Compensation Fund
- Proof of payment
- Letter of Good Standing
Fines payable for non-compliance
In terms of the Act, fines are payable when the employer declares the salaries late (after the deadline), as well as when the account is paid late. If businesses are not in a position to pay the full amount, an installment agreement can be agreed upon with the Fund.
Contact Stephan Pietersen from Work Accident Support for COIDA assistance: 064 360 2638 | support@workaccident.co.za
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