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Compensation Fund

Doctor Abel Diokana is one of seven who have allegedly been accused of defrauding the DoL?s Compensation Fund. The accused face four counts of fraud and two counts of money laundering amounting to R949 175, 11.

A new web-based financial system, known as Return of Earnings (ROE), was recently implemented by the Compensation Fund. Despite experiencing minor teething problems the entity believes the new system has enormous potential to speed up service delivery.

Government is making billions of rands off the reserves it has locked up in the Compensation Fund and the Unemployment Insurance Fund available for investment in businesses, to create thousands of new jobs, the Minister of Labour, Nelisiwe Oliphant says.

The Compensation Fund is no longer a charity waiting to be ripped-off according to Director-General Nkosinathi Nhleko who reported that the Fund would be investigating suspicious transactions, monitoring payments and dealing decisively with fraudulent practices in order to eradicate corruption.

All registered employers are only left with three days to submit their Return of Earnings (ROE) forms to the Compensation Fund (CF). This month, the CF has embarked on a month-long campaign to remind employers to submit their annual ROE.

The Compensation Fund's Services Imbizo in KwaZulu-Natal has paid out a whopping R13,4 million in just 15 days, on healthcare provider case settlements. This represents an average of 300 accounts which the Fund processed over the 15 day period.

Issues relating to compensation of people injured during working hours will be addressed when the Department of Labour holds an Imbizo in the Northern Cape. Officials from the department’s Compensation Fund will be assisting in paying outstanding money to people who have not yet lodged their claims.

Shadrack Mkhonto has been appointed as the new Compensation Fund Commissioner with effect from 1 November. Mkhonto is credited with successfully turning the Unemployment Insurance Fund from a being a public entity tottering on the brink of collapse, facing bankruptcy in 2001 to a successful organisation. He will be implementing a strategy that aims to do something similar at the Compensation Fund.

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