Compensation Fund (COID): federal pension for workers
Workers who suffer injuries or occupational illnesses are not left to fend for themselves. Receive 75% of your salary! Keep reading and learn!
Workers can count on federal financial aid in case of illness or work disability!
Workers who contract illnesses or suffer injuries on the job need all the help they can get. In such cases, relying on the Compensation Fund (COID) is possible.
This federal financial aid can greatly improve workers’ quality of life in difficulty. So learn more below!
How does the Compensation Fund (COID) work?
The Compensation for Occupational Injuries and Diseases, or simply “Compensation Fund” (COID), is a mandatory insurance program in South Africa.
Thus, it aims to provide financial compensation for workers injured or who become ill due to their work.
The South African Department of Labour administers COID. So, it is financed by mandatory contributions from employers. Program coverage includes:
- Medical expenses;
- Payment of lost wages;
- Other expenses associated with occupational injuries or illnesses.
These programs cover a wide range of injuries and illnesses. The worker will receive financial compensation and other types of support in case of acceptance.
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Benefits offered by the Compensation Fund (COID)
Indeed, COID, more than a federal program, offers security so that workers can perform their duties.
Below, learn about some features that make this program an example for the world!
Coverage for various classes of workers
It’s not just industrial or construction workers who demand COID’s support. Four broad categories of workers can apply for such assistance. Discover them below:
- Permanent employees;
- Housemaids working in a boarding house;
- Workers, trainees, or rural apprentices;
- Workers paid by employment agencies.
Note that virtually all workers can apply for COID.
Pension that generates economic security
The amount issued by the government for each employee depends on the severity of the injury or illness developed.
This amount can be up to 75% of the worker’s salary during the trauma/illness. In some cases, workers may be eligible for lifetime pensions.
Want to apply for the Compensation Fund (COID)?
Indeed, you need to understand well about the application process for requesting this help.
Employees and employers need to cooperate to apply for help from COID. To understand more, see a full review below!
About the author / José Gonçalo
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