The Compensation for Occupational Injuries and Diseases Act (COIDA) is a statutory insurance policy for your employees and pays them compensation if they are killed, injured, disabled or contract an occupational disease or illness whilst at work.
Employers are required to submit an annual return which is due on 31 May this year.
The return can be done online and is relatively simple to do. Neither is it expensive.
There is quite a bit of administration to do if one of your workers is, say, injured. Make sure you have a designated person who can do this.
Employee definition is wide
Temporary and casual workers are covered as are trainees.
Involve your staff
Your staff does not contribute to the fund but they stand to get benefits from it. Get them involved in helping make the workplace safer and less prone to disease. It will help foster team spirit and a sense of belonging in the organisation.
Finally, not complying with this Act means you cannot get a letter of good standing which means you will not be allowed to bid for tenders. Penalties can also be levied for non-compliance.
This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)