ROE (Return of Earnings) Submissions
What is a letter of good standing and why do you need it?
The letter of Good standing is an official certificate that confirms that you have complied with the COID Act requirements and up to date with all premiums to enjoy the cover offered by the Workman’s Compensation Fund.
If you don’t have a letter of good standing or it has expired, the employer still owes the Compensation Commissioner outstanding ROE submissions or outstanding money.
This may lead to your employees not being covered by the Compensation Commissioner. Again, it is compulsory to register with the Workman’s Compensation Fund who will compensate for all occupational injuries sustained and diseases contracted in the workplace.
After your COID registration, an employer must annually submit the wages of their employees, the total actual and estimated yearly wages to the Compensation Fund. An assessment/premium will be calculated of what you need to pay annually.
The payable amount is a percentage of the yearly total wages and salary, which means you need to submit such amounts every year by way of the ROE submissions (Return of Earnings).
The deadline for submitting the Returns of Earnings is 30th April of each year.
Once you have submitted your annual Return of Earnings and paid the calculated assessment/premium, your letter of Good standing will be valid and available for the next year.
COID Domestic will take away the burden and assist to make sure you submit the correct wages within the prescribed periods, paying correct assessments in time, avoiding unnecessary penalties and interest.
Please contact us or register for this service and always be up to date with your letter of Good standing and complacency to the requirements of the COID Act.
