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

 

Employer Over-Payments to ACC Always Refunded

24 NOVEMBER 2006

ACCIDENT COMPENSATION CORPORATION

MEDIA RELEASE - FOR IMMEDIATE RELEASE


Employer Over-Payments to ACC Have Always Been Refunded

"Employer over-payments to ACC have always been returned to them, in one form or another, and this year will be no different", says Ian Simpson, General Manager Finance, ACC.

Mr Simpson was responding to comments by Business NZ about current over-funding in the ACC Employers Account.

"Every year ACC estimates how much it needs to cover workplace claims and bases the levy on that estimate. If we over-estimate and take in too much then we have two options. We can either give the money back, in the form of reduced levies the next year, or we can retain some to smooth out or minimise future rises. This smoothing gives greater certainty to businesses about what their levies will be in coming years and that predictability is important".

"In fact ACC often does a bit of both. In the 2007/08 year we will be holding levies steady despite rising claim costs."

"The Business NZ suggestion that ACC might be tempted to use the money for other purposes is not possible under our Act."

"As for the process of setting levies being more transparent, Business NZ were consulted extensively and had a major input this year, as they previously have".

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


NIWA: Tonga Eruption Discoveries Defy Expectations
New findings from the record-breaking Tongan volcanic eruption are “surprising and unexpected”, say scientists from New Zealand’s National Institute for Water and Atmospheric Research (NIWA)... More>>


Commerce Commission: Appeals Record $2.25m Fine In Vodafone FibreX Case

The Commerce Commission has filed an appeal in the High Court against a record $2.25 million fine imposed on Vodafone NZ Limited (Vodafone) for its offending under the Fair Trading Act during its FibreX advertising campaign. While the sentence imposed in the Auckland District Court on April 14 was the largest-ever fine under the Fair Trading Act, the Commission will argue that it is manifestly inadequate... More>>



All District Health Boards: Historic Pay Equity Settlement

An historic agreement has been ratified that addresses a long-standing undervaluation of a workforce that is critical to the smooth running of our hospitals and the delivery of healthcare... More>>




Finder: RBNZ Survey: 64% Of Experts Say Rising Inflation Will Push More Kiwis Into Debt

Soaring inflation and cost of living pressures will see many households pushed to the financial limit, according to experts... More>>



Barfoot & Thompson: Rents Up By Around 3% In Most Areas

The average weekly rent paid for homes in most areas of Auckland has risen by around 3 percent year-on-year. The figures for end March from more than 16,000 properties... More>>


DoC: Smeagol The ‘Gravel Maggot’ Leaves Its Rare Mark On The Remote West Coast
An extremely rare species of sea slug or ‘gravel maggot’ has been detected for the first time on a remote beach in South Westland... More>>