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

 

ETS Review: Modelling Documents Released

Three technical documents are being released to help New Zealanders engage with the Emissions Trading Scheme (ETS) review, Climate Change Minister Paula Bennett says. More>>

ALSO:

Northland: Govt Plan Targets Transport, Web, Maori Assets

The government has released a 10-year plan to attract investors and lift economic growth in Northland, a region that perennially underperforms the rest of the country even while being endowed with natural beauty, productive land, minerals, a potential workforce, scope for manufacturing, forestry and aquaculture, and proximity to Auckland. More>>

ALSO:

Statistics: Unemployment Rate Falls To 5.3 Percent

The unemployment rate fell to 5.3 percent in the December 2015 quarter (from 6.0 percent), Statistics New Zealand said today. This is the lowest unemployment rate since March 2009. There were 16,000 fewer people unemployed than in the September ... More>>

ALSO:

Employment: Labour Urges Talley’s To End AFFCO Lockout

Labour has urged Talley’s to resolve the ongoing industrial dispute with AFFCO workers which is having a severe effect on the employees, their families and their communities, Labour’s Workplace Relations spokesperson Iain Lees-Galloway says. More>>

ALSO:

Three Kings: Govt To Oppose Appeal Blocking $1.2B Auckland Housing Plan

Environment Minister Nick Smith and Housing New Zealand have joined legal proceedings in support of Auckland Council and Fletcher Building opposing a bid by community groups to only allow low-rise housing in a $1.2 billion housing redevelopment on the disused site of the Three Kings quarry. More>>

ALSO:

Transport: Jetstar Expands Regional Network With Three New Routes

More New Zealanders than ever before will have access to Jetstar’s affordable flights when new services take off today from Auckland to New Plymouth and Palmerston North, and Nelson to Wellington. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news