Benefits

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!

Advertisement

by José Gonçalo

Published on 04/11/2023

Workers can count on federal financial aid in case of illness or work disability!

Compensation Fund (COID)
COID: Federal pension for workers. Source: Foster the Money

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.

Compensation Fund (COID)

Apply for the Compensation Fund (COID)

Find out how to apply for the Compensation Fund (COID) and rely on media and financial help! Ensure up to 75% of your salary if eligible.

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.

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

Close up of man filling in medical insurance form
Benefits offered by the Compensation Fund (COID). Source: Adobe Stock

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!

Compensation Fund (COID)

Apply for the Compensation Fund (COID)

Find out how to apply for the Compensation Fund (COID) and rely on media and financial help! Ensure up to 75% of your salary if eligible.

About the author

José Gonçalo

I started reading about finance only to find better options than savings. Since then, I have never stopped studying finance, and I believe that writing about it is the best way to help individuals feel fulfilled and have a healthy financial life. Today, I balance finance and medical school studies.

Trending Topics

content

Cotton On Credit full review: should you get it?

Cotton On Credit is amazing for those who like reward programs that pay off effortlessly! Enjoy 6 interest-free months! Read on!

Keep Reading
content

Care Dependency Grant: Receive R1,980 per month

Find the financial aid that can offer R1,980 per month to South African families: Care Dependency Grant. Understand below!

Keep Reading
content

Disability Grant: financial aid for those unable to work

Disability Grant is an ongoing and indefinite grant for people with physical and mental disabilities to secure support. Understand more!

Keep Reading

You may also like

content

Apply for the Child Support Grant: find out how

Apply for Child Support Grant and count on continuous financial support to care for your children as you want. Find out how here!

Keep Reading
content

Apply for the Social Relief of Distress: find out how

Apply to Social Relief of Distress and receive cash or food aid in time of need. Find out how to use this program here!

Keep Reading
content

ABSA Personal Loan review: the best loan rates in the national market!

Up to R350,000 and up to seven years to pay: learn about the advantages of this lender in our ABSA Personal Loan review.

Keep Reading