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

 

Statistics: Dairy And Travel Still Our Largest Export Earners

New Zealand earned $2.3 billion more from exports than we spent on imports during the year ended June 2015... total exports of goods and services were $67.5 billion, while total imports were $65.1 billion. More>>

ALSO:

Approval: Air New Zealand And Air China Launch New Alliance Route

Air New Zealand and Air China have today launched joint sales for a new daily direct service between Auckland and Beijing after receiving approval from New Zealand Minister of Transport Hon Simon Bridges to form a strategic alliance. More>>

ALSO:

Money Trading: FX Trader Jin Yuan Finance Warned Over Lack Of Monitoring

Jin Yuan Finance, an Auckland-based foreign exchange trader, has been warned over its lack of anti-money laundering processes in place in the first public notification by the Department of Internal Affairs. More>>

ALSO:

Auckland Surge, Possible Peak: House Values Accelerate At Fastest Annual Pace In 8 Years

New Zealand residential property values rose at their fastest annual pace in eight years in August, pushed higher by overflowing demand in Auckland, which is showing signs speculators think it has reached its peak, according to Quotable Value. More>>

ALSO:

Cash Money: Reserve Bank Launches New $5 And $10 Banknotes

The $5 and $10 final banknotes were revealed at an event at the Bank in Wellington, and will start to be released from mid-October 2015. More>>

ALSO:

Truck Sales Booted: Commerce Commission Files Charges Against Mobile Trader

The Commerce Commission has filed charges against a mobile trader, or truck shop operator, claiming he obtained money from customers by deception and never intended to supply them with the goods they paid for. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news