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

 

Auckland Port Study: Port To Ship Out – No Departure Date

Interest groups in Auckland and its waterfront chose a group of representatives to determine the future of the port. Their consensus is that the Port is going to have to move but not before a credible location is confirmed... More>>

ALSO:

Tax: GST Threshold For Online Purchases Won't Lower Before 2018

The government wants to lower the threshold on online purchases which qualify for GST from mid-2018, but says more work is needed and there will be no change without public consultation. More>>

ALSO:

North Canterbury: Government Extends Drought Classification

The government has extended a drought classification for the eastern South Island until the end of the year, meaning the area will have officially been in drought for almost two years, the longest period for such a category. More>>

ALSO:

Negotiations Fail: Christchurch Convention Centre Build To Proceed Without PCNZ

After protracted negotiations, the government has ditched the construction consortium it picked to build Christchurch's replacement convention centre, which it now anticipates delivering at least two years behind the original schedule. More>>

ALSO:

Other Centres' Convention Centres:

Ruataniwha: Greenpeace Launches Legal Challenge Against $1b Dam Plan

Greenpeace NZ is launching a legal challenge against a controversial plan to build a dam that’s set to cost close to $1 billion and will pollute a region’s rivers. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news