Changes to the COID
The NEDLAC Task Team on the Compensation for Occupational Injuries & Diseases (COID) is currently engaged in the proposed Regulations on the New Rates Assessment Model in terms of the COID Act.
The Compensation Fund (the Fund) assesses employers based on the industry they operate in and they are assigned to a specific assessment class for the basis of determining their liability to the Fund (this is the annual assessment fee paid by employers to the Fund for “insurance” for occupational injuries and diseases).
The Fund is in the process of revising its Rates Assessment Model, in terms of which the number of classes has been significantly reduced (from 102 categories) with new assessment rates for each of the new proposed classes.
The new proposed classes have been tabled at NEDLAC for social partners to engage in. A copy of the draft Rates Assessment Model (which has not yet been made public and has only been shared with NEDLAC social partners for engagement), with the new reclassification, is attached to this e-mail.
The Rates Assessment Model will, for some industries, have financial implications in that it has been proposed that some assessment rates be increased significantly and it is therefore important that members give due consideration to the attached.
Members interested in more information or that would like to submit comments to assist the Business Task Team in developing mandated position for the NEDLAC engagements, should contact Letitia Saayman at email@example.com.