Fin24

Oliphant: CF turnaround at advanced stage

2012-05-08 16:33

Parliament - A turnaround of the Compensation Fund (CF) to improve service delivery is at an advanced stage, Labour Minister Mildred Oliphant said on Tuesday.

Speaking in the National Assembly during debate on her budget vote, she said the CF was enhancing the integrated claims management and financial management systems.

These new IT systems would improve the turnaround time in processing claims and improve service delivery, she said.

It was projected that compensation benefits amounting to R3.2bn would be paid by the end of the 2011/12 financial year.

The CF aimed to increase revenue collection through web-based registration of employers, electronic submission of the return of earnings (ROE), and employer assessments -- details of which would be announced in the next few days.

While the web-based submission of ROEs would be introduced in the first quarter, electronic submission of medical accounts and provision of pharmaceuticals was targeted for the second quarter.

Oliphant said the CF's total investments were currently at R28bn, with reserves of R15bn.

The fund allocated five percent of its total investment, which amounted to R1.4bn, to alleviate unemployment through socially responsible investments.

This would contribute to job creation and infrastructure development, she said.

The CF had also given strong emphasis to internship and learnership programmes during the past year, including those targeting the youth, women, and people with disabilities.

The rehabilitation and re-integration policy had now been developed and the next step would be consultation with all relevant stakeholders.

Oliphant said the policy framework was aimed at promoting rehabilitation, reintegration, and the return to work of injured and diseased employees through case management, re-skilling, and other compensatory mechanisms.