Question

Evaluate the impact of the COIDA on business

Answer 1

The Impact of the Compensation for Occupational Injuries and Diseases Act), 1997 (Act 61 of 1997) (COIDA).

Positive impact on businesses:

Promotes safety in the workplace.

Creates a framework for acceptable employment practices√ and safety regulations.

Supply administrative guidelines/mechanisms for dealing with/processing claims.

Eliminates time and costs spent on lengthy civil court proceedings.

Negative impact on businesses:

Claiming processes/procedures can be time consuming.

Processes/Procedures required by this Act may be costly as paperwork places an extra administrative burden on businesses.

Implementation processes/procedures required by the Act may be expensive.

Employers have to register all their workers and make annual contributions to COIDA,* which may result in cash flow problems.

Employers may be forced to pay heavy penalties if they are found guilty of negligence/not enforcing safety measures.



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Answer 2

Impact of COIDA on business

Explanation:

COIDA stands for Compensation for occupational injury and disability act. This act was made to provide compensation to employees for any occupational injury or death. it has the following impact on business:

• COIDA helps in promoting workplace safety by ensuring safety regulations has has to be followed by the employer.
• Since the company follows the safety guidelines , so they save themselves from any court proceedings caused due to any injury to the workers.
• The company attains goodwill as it is socially responsible and take care of safety of their employees.
• worker feel safe in the organization and hence give their best.

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The impact of the COIDA on business

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