Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


ACC – lower levies welcome but more transparency required

Media release
17 June 2014

ACC – lower levies welcome but more transparency required


BusinessNZ has welcomed the ACC 2015/16 levy proposals which show that the Work, Earners, and Motor Vehicle Accounts are now fully funded, and that significant premium reductions are possible for next year.

But BusinessNZ is concerned that there is a lack of transparency in levy-setting, particularly as ACC continues to claim that part of the levy is to fund pre-1999 residual claims.

Moving towards a fully funded scheme required an additional fee on levy payers to pay for the unfunded residual claims, but with full funding now achieved the additional fees are no longer needed.

“As the proposed levies are essentially for full funding purposes, it is not accurate to label part of each a residual claims levy.

“Doing so penalises employers who pay into the scheme by reducing the experience rating benefits they earn by good safety practice, while employers with a poor safety record will not be penalised as much as they should be.

“The ACC levy setting system needs to be more transparent,” BusinessNZ Chief Executive Phil O’Reilly said.

BusinessNZ is recommending that ACC premiums be audited by independent actuaries and the results made public, to ensure confidence in the probity of the scheme.


ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news