Existing Companies (Return of Earnings)
Existing Companies (Return of Earnings)
Understanding Workmen's Compensation Annual Return of Earnings
The annual return of earnings process involves submitting the W.As.8 form to Workmen's Compensation by April 30th each year. This is a mandatory requirement for employers as stipulated by legislation. The W.As.8 form captures the employer's annual salary information and is used to determine their contribution to the Compensation Fund.
Who Needs to Submit a Return of Earnings?
All companies registered with Workmen's Compensation are required to submit an annual return of earnings.
Importance of Submitting a Return of Earnings
There are several key reasons why submitting a return of earnings is crucial:
- Legal Compliance: Employers are legally obligated to report their annual earnings to Workmen's Compensation.
- Funding the Compensation Fund: Employer contributions are vital for the Compensation Fund, which provides financial support to employees who are injured or become ill on the job.
- Simplified Process: This service streamlines the return of earnings process for employers who may lack the expertise or resources to handle it themselves. Additionally, it provides verification to inspectors, potential clients and current clients that your company are compliant.
Required Documents for Return of Earnings Submission
To submit your return of earnings, you'll typically need the following documents:
- Completed W.As.8 Return of Earnings Form
- Returned W.As.6 Notice of Assessment Form (once received from Workmen's Compensation)
- Power of Attorney Letter (authorizing SAPAC to act on your behalf)
Cost
The cost is determined by the number of returns submitted. For instance, if you need to submit three returns, the total cost will reflect that quantity.
What Documents Are Required?
WHAT DOCUMENTATION IS REQUIRED FOR REGISTRATION WITH THE WCA?Complete this Form online and find out: Terms and Conditions Apply.
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