As a business owner, you know the importance of administrative tasks for smooth operations. An essential legal obligation for all employers is to be registered with the Workmen’s Compensation Assurance (WCA) and annually submit your Return of Earnings (ROE) to remain in good standing with the WCA.  

What is ROE and why is it so important?  

Return of Earnings serves as a snapshot of your business’s operations over the past year, particularly concerning employee earnings and the nature of your business activities. It captures essential details such as the number of employees, their earnings, and the risk level associated with your industry. But why does this matter? Well, the information provided in the ROE isn’t just for administrative purposes; it directly influences the financial obligations your business has towards the Compensation Fund.  

The Compensation Fund is tasked with providing support to employees who suffer injuries or contract diseases in the workplace. To fund this, businesses are required to contribute financially based on their level of risk and the earnings of their employees. The ROE serves as the foundation for calculating these contributions. The more accurate and detailed your ROE is, the more precisely your contributions can be determined. 

When is the deadline for the submission? 

The annual submission period for the Return of Earnings (ROE) to the Compensation Fund runs from 1 April2024, through to 30 June2024.  

Once the annual returns have been submitted, the employer is issued with a Notice of Assessment-invoice from the Employment and Labour Department identifying the amount payable to the Compensation Fund. Once payment is received, a Letter of Good Standing, valid for 12 months, will be issued to the employer.  

What is the implication of late or non-submission and late payment? 

Failure to meet submission and payment deadlines will result in penalties imposed by the Employment and Labour Department. A penalty (10% of the assessment) is charged if the account is not settled after the due date. Interest (15% of the balance) is then charged every month until the account is settled.  

How payroll software streamlines the process for you? 

Payroll software streamlines ROE submissions by automating data collection and calculations, reducing errors, and ensuring accuracy. It generates the ROE/OID report automatically utilising updated legislative thresholds – saving time and effort, and it securely stores historical data, facilitating easy access for reference or audits. 

In conclusion, the timely and accurate submission of the Return of Earnings (ROE) is essential for businesses to maintain compliance and financial stability. By leveraging payroll software, like Quick Payroll Software employers can streamline the ROE submission process, minimizing errors, ensuring prompt filing, and ultimately safeguarding their business from penalties and risks associated with late or inaccurate submissions. With the right tools and strategies in place, businesses can navigate the ROE submission process with confidence, knowing they are well-equipped to meet regulatory requirements and protect their bottom line.