|
30 Jun 07
Actual
($000) |
|
30 Jun 08
Actual
($000) |
| Current Entitlement |
| 2,320 |
Retirement, incentive and long service leave |
2,902 |
| 19,291 |
Accrued and annual leave |
24,734 |
| 21,611 |
Total Current Entitlement |
27,636 |
| Non – Current Entitlement |
| 38,560 |
Retirement, incentive and long service leave |
33,399 |
| 9,393 |
Accrued leave |
13,836 |
| 391 |
Sick Leave |
391 |
| 1,100 |
ACC self insurance liability |
2,900 |
| 49,444 |
Total Non – Current Entitlement |
50,526 |
| 71,055 |
Total Provision for Employee Entitlements |
78,162 |
Annual leave is calculated using the number of days owing as at the end of May 2008. Incentive and Long Leave are actuarially calculated to reflect the likelihood of a liability being incurred. Accumulated Leave and Terminal Benefits are paid out on release and their values are actuarially calculated using predicted terminal dates.
ACC Accredited Employer Programme
The liability for ACC Accredited Employer Programme has been actuarially calculated based on expected treatment costs, rehabilitation entitlements, income compensation and historical claims information.
The NZDF has a stop loss limit since joining the Accredited Employer Programme with a limit set at $8.548 million which is 160% of the industry premium. In addition, NZDF has purchased High Cost Claim Cover to limit NZDF’s liability for any one event to $2.000 million.
There has been no inflation or discounting applied in the calculation of the ACC liability as this would have no material impact on the balance.
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