Every company that employs one or more persons must register with the compensation fund. This was previously known as workman's compensation. Every year in March, each employer has to fill out a form indicating the salaries and wages that have been paid out and what they estimate will be paid out over the next year. The fund will then bill the employer a percentage of these wages once a year (normally around May / June). The employer may not deduct this amount off the employee pay, instead it is for the company's account.
The money for this fund is used to pay medical bills for employees who are injured in an accident during the course of doing work for the company. There are also amounts payable if disability or death arise from the accident. The fund will also protect the employer from civil claims in the event of such a work related injury.
Every three years, the fund will pay a rebate back to employers with low or no claims of injuries from the fund.
This article is simply to make you, the employers aware. It is not in any way complete. Please take a look at the Department of Labour website and follow the "CC" (Compensation Commissioner) links for more information and to download the relevant Act.
Before you panic, apparently domestics in private homes are excluded from this specific Act.