Instalment Plan Arrangements

If your outstanding COIDA assessment is too much to stomach at one sitting, we can help to obtain a written, approved instalment plan.


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Instalment Plan Arrangements

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In one of the many – and sometimes surprising – ways that the Compensation Fund deals pragmatically with problems that businesses face, it allows employers to pay their outstanding assessments in instalments.

Employers take advantage of this facility to ease the pressure of very large annual assessments or to settle in instalments, smaller assessments that have accumulated over time – due to either neglect on the part of the employer or oversight on the part of the Compensation Fund.

The Compensation Fund has certain requirements for settling outstanding assessments in instalments. They may change with changes in decision-makers but are (as from March 2016):

  • 20% deposit (typically) of the full outstanding amount to be paid immediately;
  • Balance (80%) to be paid off within the financial year which ends 30 March. (So, the sooner after 1April you apply for instalments, the longer the period to settle);
  • Outstanding amounts accrue interest at 10.5% per year, calculated monthly (rate can vary with prime);
  • For as long as instalments are paid on time, Letters of Good Standing will be issued, valid for one month at a time;
  • The size of the outstanding amount may influence the instalment period.

You will want to sign up for this service if you need an instalment plan but don’t want to go through the trouble yourself.

It must be done in writing with the Compensation Fund and cannot be done on line.

Please note that once instalments are arranged, the onus will rest thereafter on you to meet your instalment obligations.

The fee for this service does not include the following:

  • Determining the amounts in arrears or the reasons for the arrears;
  • Correcting any erroneous Assessments or Returns of Earnings or calculations connected thereto;
  • Obtaining letters of good standing once the instalments have been established.

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