When calculating the remuneration value for COID reporting you need to note the following:
Remuneration is deemed as earnings of all types (before deductions) due to an employee, either made or owing, in money terms or in kind that has arisen out of his/her employment.
It includes :
- Salaries and/or Wages
- Cost of Living Allowance
- Bonuses (incentive or otherwise)
- Overtime payments (regular)
- A guaranteed 13th cheque
- Housing Allowance
- Commissions (only if given to an employee who also has a basic salary, and not agents or contractors)
- Cash value of meals and accommodation provided to an employee
- Any other payment due to an employee in accordance with the employee’s contract of service
It Doesn’t include the following :
- Subsistence Allowance (reimbursive in nature)
- Travelling Allowance (reimbursive in nature)
- Occasional Overtime
- Ex Gratia Payments
- Occasional Payments
- Company Contributions to Medical Aid, Pension or Provident funds
- Once-off (non-recurring) payments made to an employee which falls outside the scope of his service contract or for tasks which fall outside the scope of the employees normal duties.