Key COIDA Obligations for Employers
The COIDA Act imposes several compliance obligations on employers . Understanding these requirements is essential for maintaining good standing.
COIDA Registration
Employers must register with the Compensation Commissioner within 7 days of hiring their first employee . This is done by completing the prescribed W.As.2 form.
Record Keeping
Employers are required to keep accurate records of employee earnings for a minimum period of five years .
Return of Earnings (ROE)
Employers must submit an annual Return of Earnings (ROE) to the Compensation Fund, declaring total salaries and wages paid to employees .
Assessment Payment
Employers must pay annual assessments to the Fund, calculated based on total payroll and the risk level of their industry .
Accident Reporting
Workplace injuries must be reported to the Compensation Commissioner within 7 days using the prescribed forms (W.CL1, W.CL2, or W.CL14) . Late reporting now incurs a penalty equal to full compensation payable plus interest .