Well, let’s take a look.

WHY Register, How Does it Work

The COID-Act stipulates that every Employer must Register with the Workmen’s Compensation Fund. Should any of Your employees get injured at work, certain expenditures are covered by the Fund.

The most critical part of the registration process is the Nature of Your Business. This will determine the category and sub-class your business will resort to. Each sub-class has its own risk tariff depending on the Risk associated with the Type of Operation. Let’s take a mining company as an example, a mining company will have a higher risk tariff than a bank, because you are more likely to get injured in a mine than in an office.

Another important part of the Registration Process is the Declaration of Earnings. It is important to note, that “Earnings” does not mean remuneration and if you get this wrong, it will result in an incorrect assessment.

After successfully Registering the Business, the Fund would issue an Assessment. Normally the Assessment would need to be settled within thirty days to avoid penalties, but subject to certain criteria, payment by installments can also be arranged. As soon as the payment reflects on their System, we can apply for Your Letter of Good Standing.