Faster turnaround time for registration of companies at the Fund, efficiency of submission of Return of Earnings as well as improved reconciliation of payments are some of the benefits the Compensation Fund's (CF) CF- filing modernisation journey has produced.
This was said at the CF Commissioner's breakfast network session with the Eastern Cape Black Business Forum in East London on Tuesday.
Thando Headbush, CF's Chief Financial Officer, said among the challenges the fund faced over the years were registration of employers, which took up to 90 days as well as incorrect reference numbers being used then leading to misallocation of funds in the payments of assessments.
Other challenges with previous and current claims system include:
However, through the e-COID project the fund has realised improved validation of user information – faster turnaround time for registration of companies at the fund as well as efficiency of submission of Return of Earnings, Mafata said
Headbush said other significant benefits of the new claims system were:
Jan Madiega, Deputy Director for COID Registration, said less than 50 percent of employers submitted their Return of Earning. “We are here to support employers in terms of compliance" he said.
The Fund's next session is to be held in Port Elizabeth with the South African Women in Construction as follows:
Date: 2 November 2019
Venue: The Beach Hotel, Port Elizabeth
Time: 08:00 – 10:00
For enquiries contact:
Franco Mabuya @
060 989 8675
franco.mabuya@labour.gov.za
-ENDS-
Issued by: Department of Employment and Labour
© 2019 - The South African Department of Employment & Labour