Update to OID Annual Threshold for 2023/2024

We have some important news to share with you regarding the earnings threshold for the 2023/2024 year of assessment of the Compensation for Occupational Injuries and Diseases (COID) Act, referred to as OID on our system.

Firstly, we would like to let you know that SimplePay recently updated the threshold to R563 520, based on information presented in Government Gazette No. 48065, published on 17 February 2023.

However, the Payroll Authors Group of South Africa (PAGSA) has informed us that the correct OID earnings threshold for the 2023/2024 period is actually R568 959. This was discovered after PAGSA queried why an alternative figure was published on 10 March 2023 in Government Gazette No. 48187. It has been discussed and confirmed with the Compensation Fund, as well as the Department of Employment and Labour, that this new threshold of R568 959 is the correct figure for the 2023/2024 year of assessment. 

We understand this may cause some confusion and inconvenience, but we want to ensure that your payroll calculations are accurate, and compliant with regulatory requirements. This is why we have already updated the amount on our side. We recommend getting in touch with the Compensation Fund directly, should you have any further questions.

Alternatively, please don’t hesitate to reach out to our fantastic Support Team at support@simplepay.co.za, should you need some guidance. We’re here to help and make sure that your payroll processes run smoothly. Additionally, you can visit our help page if you need further information.

If you haven’t signed up for a SimplePay account yet, you can access our cloud-based payroll software free for 30 days! Signing up is a breeze and can be completed within a few minutes.

Take care,

Team SimplePay