The Law of Compensation
by Amanda Roothman on 22 April
The law of Compensation states that you must become the person of value to receive anything of value.
Team Exponential Brilliance values the absolute loyalty of our clients. That is our drive. Together with our ultimate inspiration.... the DEADLINE!
With that being said, let's talk Compensation Fund deadlines.
- How does the Compensation Fund work?
The Compenstion Fund provides compensation for workers who get hurt at work, or sick from diseases contracted at work, or die as a result of these injuries or diseases.
The Compensation Commissioner is appointed to administer this Fund.
- Who must register with the Compensation Fund?
Any employer who employs one or more part time, or full time workers must register with the Compensation Fund and pay annual assessment fees.
- How do you go about paying Annual Assessment Fees?
The Compensation Commissioner requires all employers to submit an annual declaration, known as a Return of Earnings (ROE). The deadline for this submission is 31 May 2021.
The Compensation Commissioner would issue an Assessment based on the Earnings declared and the tariff applicable to the Industry in which the employer operates.
It is of utmost importance to ensure that the earnings are declared 100% correct. Re-assessments involve high volumes of supporting documentation, affidavits and audited financial statements, amongst others. This is also an extremely lenghthy process, so you would want to avoid incorrect declarations at all cost!
- Letter of Good Standing
Once the Assessment has been received and the amount due has been paid over to the Compensation Fund, an employer may then apply for a Letter of Good Standing.
A letter of Good Standing refers to a Certificate issued by the Compensation Fund to the Employer, to ensure authorisations of claims from employees against the Compensation Fund.
This is essentially an official document that proves the Compensation Fund will pay for any work-related injuries or harm, or diseases to employees. The Letter of Good Standing is basically a form of security to your clients, to ensure that they will not be responsible to pick up the medical bill or life cover for anyone hired to do work on their premises.
In conclusion: Do the math... if you want the contract or tender awarded to your company, be proactive! You need a Letter of Good Standing, as you need your morning coffee!
And we all know the powers of your mind are directly proportional to the amount of coffee you drink.
Team Exponential Brilliance do what we say we do. We deliver on that promise, with a framework that enhances client satisfaction and loyalty with every contact.
Contact us today for all your Compensation Fund needs, and pour youself another coffee!
by Amanda Roothman on 31 July