Occupational Safety and Health (OSH) risks are of growing concern globally, including in Estonia. Understanding the contributing factors to these risks is crucial for effective management and intervention. This study aimed to assess the interplay of compensation equity, job security, presenteeism, and work enthusiasm in the perception of occupational safety and health risks within the Estonian workforce. Using data from Eurofound's European Working Conditions Telephone Survey (EWCTS) 2021, the study computed association metrics and employed exhaustive Chi-square Automatic Interaction Detection (CHAID) techniques. The analysis yielded several noteworthy findings. Specifically, increased OSH risks were positively correlated with elevated levels of presenteeism. Moreover, these perceptions of risk were found to have a negative effect on feelings of fair compensation. Job insecurity was identified as a contributing factor to higher perceptions of OSH risks. Work enthusiasm was positively associated with higher rates of presenteeism but negatively related to perceptions of fair compensation. Lastly, the perception of job insecurity negatively affected feelings of fair compensation. The findings from this study contribute to the existing literature by offering an integrated perspective on how job security, presenteeism, work enthusiasm, and compensation equity collectively shape perceptions of OSH risks. Importantly, the results emphasise the necessity of considering occupational safety and health risks in the broader context of compensation equity and job security. Additionally, the study advocates for special attention to be given to managing work enthusiasm in order to mitigate the unintended consequence of elevated presenteeism.