Ensure that employers’ contribution levies are collected efficiently and effectively. Percentage of employer returns and payments submitted by due date (five working days after the end of the month following the relevant quarter). 80% 80% 80% 80% Ensure that payments to employees, contractors and reimbursements to employers are made in accordance with the Act. Percentage of payments completed within 10 working days of receipt of a correctly completed and verified claim form. 85% 85% 85% 85% Ensure that long service leave administered schemes’ funds are invested to ensure a surplus of assets over liabilities. Annual net return for each administered scheme on funds under management is in accordance with the Investment Plan. 3.5% above CPI averaged over five years for each scheme 3.5% above CPI averaged over five years for each scheme 3.5% above CPI averaged over five years for each scheme 3.5% above CPI averaged over five years for each scheme Ensure each scheme has adequate assets to meet its liabilities. The ratio of total assets over total liabilities as at 30 June of the financial year for each administered scheme is maintained at least of the target. 110% 110% 110% 110% Assessment of Performance Against 2015-16 Objectives Objective Measure Planned 201516 Est. Outcome 201516 Explanation of variance Ensure the maximum number of eligible employers and their employees Percentage of employer registrations completed within 10 working days of 96% 99% Majority of the applications are processed in the required time frame. term
are registered with the Authority. receipt of a correctly completed and verified application form. Number of visits to employer sites or premises to ensure that all employees working in the covered industries are registered with the Authority. 70 70 N/A Percentage of eligible unregistered active businesses, identified through a Yellow Pages review, are contacted and registered with the Authority. 100% 100% N/A Annual statements made available to employees by 30 September. 100% 100% N/A Ensure that employers’ contribution levies are collected efficiently and effectively. Percentage of employer returns and payments submitted by due date (five working days after the end of the month following the relevant quarter). 80% 84% Majority of the employers are compliant and have submitted their quarterly returns and made payments in the required timeframe. Ensure that payments to employees, contractors and reimbursements to employers are made in accordance with the Act. Percentage of payments completed within 10 working days of receipt of a correctly completed and verified claim form. 85% 100% All of the applications are expected to be processed in the required time frame. Ensure that long service leave administered schemes’ funds are Annual net return for each administered scheme on funds 3.5% above CPI averaged over five years for each scheme. Zero return for each administered scheme. The schemes’ investment performance was adversely impacted
invested to ensure a long-term surplus of assets over liabilities. under management in accordance with the Investment Plan. by the volatile market conditions experienced in 2015-16. Ensure each scheme has adequate assets to meet its liabilities. The ratio of total assets over total liabilities as at 30 June of the financial year for each administered scheme is maintained at least of the target. 110% Construction: 104% Cleaning:146% Community:138% Security:130% Other than the construction scheme, all the other three schemes are expected to meet or exceed the target. A change of discount rate from 7.5% to 6.5% and the lower than expected investment return have both contributed to a lower than target assets over liability ratio for the construction scheme.