What is workmens compensation?
In layman’s terms, workmens compensation, also known as COIDA, is an insurance policy. The policy is in place to protect employers in the event where an employee is injured on duty.
The company has to be registered at the department of labour.
COIDA returns and tariffs
Every company needs to submit a return every year in May. The tariffs are set annually by the department of labour. The amount payable is then calculated according to the salaries paid by the company.
Letter of good standing
Only once the return has been submitted and the payment made, will the department of labour issue a letter of good standing.
When an employee has been injured while performing his work duties, it must be reported to the department of labour immediately. They will then issue an authorization code which can be used to take the employee to a private medical institution.