ACC worker levy cuts expected

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

Relevant offers

Better Business

How Google, Amazon and Starbucks and other famous companies got their names 'Bring it on': The Warehouse boss Nick Grayston says to rivals Award winning Method recycling business fast tracks Australian export plan Auckland bakery Amano in Britomart mills its own flour for better bread New Zealand's Deloitte Fast 50 regional winners announced New Zealand's Deloitte Fast 50 Wellington and lower North Island winners unveiled Kerbside wheelie bins proposed for Hamilton New $3.7 million aircraft signals confidence in Tekapo tourism Would you turn down tattooed jobseekers? Staff with ink can be a bonus Brierley's takeover bid for Kirks accepted by the majority of its owners

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