WHY COMPANIES/BUSINESSES NEED TO SUBMIT A RETURN OF EARNINGS:
Employers are required by the Compensation for Occupational Injuries and Diseases Act, 1993 Section 82 to submit a Return of Earnings form on an annual basis.
The revenue of the Compensation Fund, which compensates workers who are injured at work or who contract occupational diseases at work or who die because of these, comes directly from the assessments of registered employers in the country. The annual assessments paid by these employers are based on a percentage or fixed rate of the annual earnings of their employees.
There are huge benefits to both the employer and employee for the employer to be registered with the Compensation Fund. The Act makes provision for the payment of compensation to employees sustaining an injury on duty. The employer is protected against all civil claims which may be instituted against him in the event of an injury on duty, even in the event of alleged negligence.
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.
EARNINGS (STAFF COSTS/SALARIES & WAGES):
Earnings are all payments made regularly, before any deductions, whether in money or in kind, to employees.
If you don't submit your Return of Earnings on or before 31 March of each year the Compensation Fund will raise a penalty for late submission.
If you furnish incorrect information about your salaries and wages, you may end up paying much more than you are supposed to.
Our experts will ensure that we submit your Return of Earnings on time and only relevant information are declared.
For more information send an e-mail to email@example.com or call 0114774449 alternatively use the form below.
At the end of the day, if you fail to submit a Return of Earnings you could very well be committing a criminal offence!
Avoid being on the wrong side of the law, and in the process jeopardise your entire business, by simply making use of our service, expertise and knowledge to register and administrate your company or business to be COIDA compliant.