Employment and Labour on faster turnaround time for filing and claims processes
Compensation Fund reaps rewards of modernisation of filing and claims processes
Faster turnaround time for registration of companies at the Fund, efficiency of submission of Return of Earnings as well as improved reconciliation of payments are some of the benefits the Compensation Fund’s (CF) CFfiling modernisation journey has produced. This was said at the CF Commissioner’s breakfast network session with the Eastern Cape Black Business Forum in East London on Tuesday.
Thando Headbush, CF’s Chief Financial Officer, said among the challenges the fund faced over the years were registration of employers, which took up to 90 days as well as incorrect reference numbers being used then leading to misallocation of funds in the payments of assessments.
Other challenges with previous and current claims system include:
Lack of automated verification and validation of information;
There is lack of automation of business processes;
Challenges with the switching of batches,
Manual generation of reports;
Lack of Integration of systems (Claims and payment system);
Data Migration from the legacy systems;
Segregation of duties; and
Lack of Document Management System.
However, through the e-COID project the fund has realised improved validation of user information faster turnaround time for registration of companies at the fund as well as efficiency of submission of Return of Earnings, Mafata said
Headbush said other significant benefits of the new claims system were:
Faster turnaround due to efficient, streamlined processes;
Correct workflows the right process going to the right person at the right time;
Open communication status updates on the progress of your claims;
Timeous payments to all stakeholders;
A single source of the truth data migration from legacy systems; and
Correct data data cleansing and enrichment.
Jan Madiega, Deputy Director for COID Registration, said less than 50 percent of employers submitted their Return of Earning. We are here to support employers in terms of compliance he said.
Source: Government of South Africa