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COIDA: Increase in monthly pensions
- 08 November 2023
- Legal and Compliance
- South African Accounting Academy
Monthly pensions increase by 7.5% with regard to accidents occurring before 31 March 2023 as well as occupational diseases diagnosed before 31 March 2023.
The amendments apply to accidents occurring from 1 April 2023 as well as occupational diseases diagnosed from 1 April 2023.
The prescribed minimum and maximum compensation for accidents that occur from 1 April 2023 as well as occupational diseases diagnosed from 1 April 2023, are also set out in the schedule to this Notice.
Schedule 4 to the COID Act on the manner of calculating compensation has also been amended.
Government Gazette 49458 Notice 2079 of 2023 was published on 13 October 2023.
Click here to download the Government Gazette Notice:
https://www.gov.za/sites/default/files/gcis_document/202310/49458gen2079_0.pdf
Relevance to Auditors, Independent Reviewers & Accountants:
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The COIDA Act is yet another piece of legislation that your clients must comply with, and which you must assess compliance with. If they don’t comply with the relevant laws and regulations, you have certain reporting obligations in terms of NOCLAR (Non-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
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As an employer, you also need to adhere to the prescribed minimum and maximum compensation amounts, and increased monthly pensions.
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If you are performing this function on behalf of your clients, you need to ensure that it is done accurately.
Relevance to Your Clients:
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As an employer, your clients also need to adhere to the prescribed minimum and maximum compensation amounts, and increased monthly pensions