Each company that has more than one employee should register their business for COID. COID provides compensation to employees injured, disabled, or killed on duty. In case of death, COID pays a lump sum to the employee’s beneficiaries.
To register for COID, you need: registered company, certified ID copy, and Tax Clearance Certificate. The registration fee is R555. The Compensation Commissioner administers the COID Fund, approves claims, and compensates employees or dependents – not employers. Employers must register within 7 days of hiring their first employee.
First-time filers of Forms 2848 or 8821 get a 9-digit CAF number. As CAF numbers can be cybercrime targets, tax professionals should protect them.
The registration number received after applying for COID is called the CF number. CF numbers consist of the letters CF, four numbers, and a two-letter suffix.
The Compensation Fund Bursary is open for 2023 studies, for COID Pensioners or Unemployed Persons permanently disabled and their dependents. About the bursary provider – compensation fund. The Compensation Fund pays compensation to permanent workers, casual workers, apprentices, and trainees who lose income after they are injured or contract a disease while carrying out their work.