Fund shortage again
PA Wellington For the second year running not enough funds were collected from employers to meet the costs of accident compensation for employees, according to the annual report to Parliament of the Accident Compensation Commission. Allowing for inflation the commission estimated a shortage of about $l6 million this year, compared with an estimated 1978 shortage of $4O million. However, the report said that increased levies imposed for the 1979-80 financial year should help to alleviate losses next year.
The commission has to provide for all the future costs of one year’s accidents out of that year’s revenue. Thus a lot of the levies collected each year must be invested to provide for continuing ex« penditure on that year’s claims. Most of the outstanding liabilities were for permanent assessments of earnings* related compensation. The commission received $88.5 million in employers’ levies and slightly less than $23 million in motor vehicle levies for the year. Income was $142 million, of which $12.75 million came out of Government funds.
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Press, 2 August 1979, Page 4
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169Fund shortage again Press, 2 August 1979, Page 4
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