ACC worker levy cuts expected

HAMISH RUTHERFORD
Last updated 12:04 25/11/2013

Relevant offers

Better Business

'Living wage' very much on the menu Bank on track to close pay gap Executive loses fight for bonus Sacked worker paid after trial error Hotel caught out over workers' pay Whittaker's most trusted Kiwi brand Talk as if you're being recorded Rise with the sun Were you born to lead? Name change sparks Telecom stoush

Workers may fork out less for ACC next year.

The corporation today revealed its proposals for cuts to employer and earner levies for the 2014/15 financial year alongside reductions for vehicle registration.

In most cases, ACC is proposing cuts, made possible by its financial position.

Workers now pay $1.70 for every $100 earned.

While ACC has not provided examples on the practical effect of the changes, it would appear to give another 25 cents for every $100 earned, or $127.50 for those earning $50,000 a year.

Work levies - paid by employers on behalf of workers - are proposed to fall by 17 per cent.

ACC chairwoman Paula Rebstock said the recommended levy cuts had been made possible by ACC's improved financial situation, with the scheme on-track to having sufficient assets to meet its liabilities by 2019.

"We're not quite there yet. Although we achieved a surplus last year, the scheme's liabilities still exceed its assets by $2.3 billion. But we're confident our recommended levy cuts are sustainable."

The final decision on levies rests with the Government.

Ad Feedback

- Fairfax Media

Special offers

Featured Promotions

Sponsored Content