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Acc Profits $850 Million, Farming Levies Up 75% Where will it end?

#1 User is offline   Tomcat 

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Posted 06 August 2004 - 10:00 AM

Posted Image

Investment gains help the ACC end its year rolling in cash



Investment gains help the ACC end its year rolling in cash

06.08.2004
By PAULA OLIVER

ACC is set to report a bumper surplus to the Government - but its own good fortune could be about to buy it a fight with employer groups.

Chief executive Garry Wilson told the Business Herald yesterday that he expected ACC's full-year surplus to exceed $850 million.

Details of how it got that high were sketchy because ACC has yet to present its annual report to Parliament. It will do so this month.




The surplus puts ACC in the same ballpark as Telecom, profit-wise - although ACC does not consider itself to make a "profit".

Wilson said the surplus came from a rise in revenue and partly from excellent investment returns. ACC's fund managers returned almost $500 million over the year, double what was budgeted for.

The other factor was that the economy was buoyant which meant people earned more and paid higher levies.

Wilson said he had heard that some business groups would argue that the money paid by employers should go back to employers rather than be held by ACC.

He favoured a different approach, saying the ACC should keep the money to absorb cost increases in coming years.

The options will be open to consultation as part of ACC's annual review of levies.

Yesterday, ACC released its proposed levies for the 2005/06 year. After consultation they will be set by the Government.

Generally, it appears there will be little change, with the average composite levy for employers, earners and motorists set to remain the same.

The self-employed are likely to see an increase on average of 3 per cent, due to a continued high accident rate and the fact that fewer people are registering under that category. Many are instead shifting to a company structure for tax reasons.

Some employers will see change - those in sectors with a poor accident record are likely to see a rise, while those in lower risk sectors will see a fall.

At one end of the spectrum, those in the high-risk forestry sector who are not part of special ACC discount programmes could pay as much as $6.32 per $100 of payroll, an increase of 4 per cent on this year.

In comparison, the less accident-prone legal and accounting industry could pay just 7c per $100.

In all employer cases, there is an additional levy to fund the cost of pre-1999 injuries, which happened when ACC was under a pay-as-you-go regime rather than fully-funded.

That means it is now taking the levy, at a rate this year of 30c per $100 of payroll, to build up reserves to cover the liability.

That income is not yet covering expenditure related to those injuries. ACC projects that trend to continue until 2014.

ACC Minister Ruth Dyson will determine the final rates near the end of the year.

http://www.nzherald.co.nz/business/busines...&thetickercode=

http://www.accforum....-1091751645.jpg
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#2 User is offline   Tomcat 

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Posted 06 August 2004 - 12:53 PM

Posted Image

Steep rise in ACC levy for farmers
06 August 2004
By ROELAND VAN DEN BERGH

Farmers will be hit with another big increase in ACC levies, despite the state-owned accident insurer predicting a profit of about $850 million.

Under proposed levies for next year, self-employed farmers would pay 9 per cent more because of the rising cost of their injuries and reduced earnings, ACC chief executive Garry Wilson said yesterday.

But Federated Farmers deputy director of policy Gavin Forest said the increase was about 12 per cent.

A farmer earning $50,000 a year would pay a total levy of $1305 for the year, compared with $1166 last year and $750 the year before, making an increase of 74 per cent over three years, Mr Forest said.

Mr Wilson said levies for farmers would reduce only if they took injury prevention more seriously, reduced their injury rates and stopped maiming and hurting themselves.

Farmers were beginning to recognise that their accident rates were too high, with 10,000 attending FarmSafe courses in the past 18 months, he said.

Farmers who operate under a company structure, typically larger operations employing staff, would pay 3 per cent less. Overall, self-employed will be stung with an average 2.9 per cent increase from $3.10 for every $100 in earnings to $3.19.

To encourage this group to improve their injury record ACC is proposing that the self-employed, and employers with fewer that 20 staff, be able to earn a 10 per cent discount if they put in place a hazard management programme. A discount scheme would likely be implemented in 2006 and initially be aimed at sectors with the highest injury rates.

Levies proposed to the Government for employers, workers and motorists would remain largely unchanged thanks to ACC's strong investment performance and higher income from levies than expected last year.

The financial surplus should allow ACC to maintain most levies at about existing levels for the next three years despite small increases in the cost of the scheme, Mr Wilson said.

Public submissions on the proposed levies close on September 16 and the Government will set the final rates by the end of the year.

http://www.stuff.co....3775a13,00.html


http://www.accforum....-1073906856.jpg
FROM SCOOP.

Farmers' ACC Levy Hike Disgraceful
Friday, 6 August 2004, 9:52 am
Press Release: ACT New Zealand

Farmers' ACC Levy Hike Disgraceful


Thursday 5 Aug 2004

Gerry Eckhoff - Press Releases - Rural

ACT New Zealand Rural Affairs Spokesman Gerry Eckhoff today slammed ACC's attempt to increase farmers' levies, and described the move as unfair and discriminatory.

"Today's announcement, that farmers will be forced to pay nine percent more in ACC levies, is disgraceful," Mr Eckhoff said.

"ACC has direct access to every farmer's cheque book, and it appears to be continuing to abuse its monopoly.

"Yet again, rural New Zealand is being pummelled by a Labour Government that doesn't give a stuff about farmers.

"Agriculture Minister Jim Sutton must stand up for the farming community he purports to represent at the Cabinet table and prevent this levy hike from becoming a reality.

"When will the Government recognise that farming remains the back bone of our economy and start treating it as such.

"Labour should be ashamed of the way it treats our farmers. I pledge to fight this wacky decision till the bitter end, and I urge my fellow farmers to do the same," Mr Eckhoff said.

ENDS

AND ACC HAS JUST ANNOUNCED A $850m PROFIT ???
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#3 User is offline   MG 

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Posted 06 August 2004 - 03:16 PM

I've had a quick read of the Bill. Points of concern:
1. Some rehabilitation entitlement decision will not be able to be challenged at review/appeal.
2. ACC wants to permanently deprive naughty claimants of entitlements, following their loss in the High COurt last year and their probable loss in the Court of Appeal this year.
3. ACC wants to regulate mediation + specify costs. Possibly they want to make mediation comulaosry before review and appeal. Big issue here.
4. ACC's relaxation of cover for treatment injuries seems designed to get the medical profession onside so it will cooperate in denying cover and entitlements to claimants.
I'll post some more later.
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#4 User is offline   fairgo 

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Posted 06 August 2004 - 07:55 PM

So I am guessing that there needs to be submissions on this to the select
committee. I believe it is being heard by the Health select committee
Injury Prevention, Rehabilitation, and Compensation Amendment Bill (No
3) no closing date 04 Feb 2005


and can be found in its entirety here
http://www.knowledge-basket.co.nz/gpprint/...ls/20041651.txt
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#5 User is offline   Stumpy 

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Posted 06 August 2004 - 10:11 PM

Isn't this known as "Insider Trading" Also known as a Criminal Act!!!!!!
If you have proof why don't you hit them with it???

Stumpy B)
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#6 User is offline   Tomcat 

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Posted 09 August 2004 - 09:42 AM

:angry:

Attached File(s)


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#7 User is offline   doppelganger 

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Posted 13 August 2004 - 09:24 AM

tey mised a very inportant question and that is 'Why is one sector of the industry reducing its levies whenthe other sector in the same sector gets an increase? It must be taken into account that there is an tax insentive to be registered as a company after earning over $60,000. the ones that become companies are part of the same sector and work in the same job. There is nothing in the Act to seperate self employed and companies in the Act.
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#8 User is offline   jocko 

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Posted 13 August 2004 - 07:46 PM

Thats because everyone earns 3 times as much in Australia Ruth. More importantly Australian insurers actually pay for the entitlements in the policy.
But here we go again. ACC setting the rules and levies to cover for Rankins Nasal drips. The suckers keep paying up unaware of what they are in for if they get hurt. What I want to know is how they can still charge the residual claims levy with an 850 million surplus? The levy is for pre 1999 claims they would have us believe. So Gary Wilson says they made a mistake and never took enough pre 1999 to cover these claims and they have to strike a levy of 30 cents per $100. At the same time Gary modestly tells the world he has made an $850 million profit.
I wonder if house and car insurers will get on to this lurk and start sending us bills because they never charged us enough pre 1999?
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#9 User is offline   doppelganger 

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Posted 14 August 2004 - 07:50 PM

I think the farmers should getoff tere back sides and do sonething.
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#10 User is offline   hukildaspida 

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Posted 31 December 2008 - 02:57 PM

View PostTomcat, on Aug 6 2004, 11:00 AM, said:

Posted Image

Investment gains help the ACC end its year rolling in cash
Investment gains help the ACC end its year rolling in cash

06.08.2004
By PAULA OLIVER

ACC is set to report a bumper surplus to the Government - but its own good fortune could be about to buy it a fight with employer groups.

Chief executive Garry Wilson told the Business Herald yesterday that he expected ACC's full-year surplus to exceed $850 million.

Details of how it got that high were sketchy because ACC has yet to present its annual report to Parliament. It will do so this month.
The surplus puts ACC in the same ballpark as Telecom, profit-wise - although ACC does not consider itself to make a "profit".

Wilson said the surplus came from a rise in revenue and partly from excellent investment returns. ACC's fund managers returned almost $500 million over the year, double what was budgeted for.

The other factor was that the economy was buoyant which meant people earned more and paid higher levies.

Wilson said he had heard that some business groups would argue that the money paid by employers should go back to employers rather than be held by ACC.

He favoured a different approach, saying the ACC should keep the money to absorb cost increases in coming years.

The options will be open to consultation as part of ACC's annual review of levies.

Yesterday, ACC released its proposed levies for the 2005/06 year. After consultation they will be set by the Government.

Generally, it appears there will be little change, with the average composite levy for employers, earners and motorists set to remain the same.

The self-employed are likely to see an increase on average of 3 per cent, due to a continued high accident rate and the fact that fewer people are registering under that category. Many are instead shifting to a company structure for tax reasons.

Some employers will see change - those in sectors with a poor accident record are likely to see a rise, while those in lower risk sectors will see a fall.

At one end of the spectrum, those in the high-risk forestry sector who are not part of special ACC discount programmes could pay as much as $6.32 per $100 of payroll, an increase of 4 per cent on this year.

In comparison, the less accident-prone legal and accounting industry could pay just 7c per $100.

Would someone please find the statistics that establish that office-type industry people tend to have more accidents on the ski-fields, doing triathalons & hooning around on jet-skis etc than those who do physical work on the farm.


In all employer cases, there is an additional levy to fund the cost of pre-1999 injuries, which happened when ACC was under a pay-as-you-go regime rather than fully-funded.

That means it is now taking the levy, at a rate this year of 30c per $100 of payroll, to build up reserves to cover the liability.

That income is not yet covering expenditure related to those injuries. ACC projects that trend to continue until 2014.

ACC Minister Ruth Dyson will determine the final rates near the end of the year.

http://www.nzherald.co.nz/business/busines...;thetickercode=

http://www.accforum....-1091751645.jpg

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#11 User is offline   hukildaspida 

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Posted 09 November 2010 - 03:43 PM

View PostTomcat, on 06 August 2004 - 12:53 PM, said:

Posted Image

Steep rise in ACC levy for farmers
06 August 2004
By ROELAND VAN DEN BERGH

Farmers will be hit with another big increase in ACC levies, despite the state-owned accident insurer predicting a profit of about $850 million.

Under proposed levies for next year, self-employed farmers would pay 9 per cent more because of the rising cost of their injuries and reduced earnings, ACC chief executive Garry Wilson said yesterday.

But Federated Farmers deputy director of policy Gavin Forest said the increase was about 12 per cent.

A farmer earning $50,000 a year would pay a total levy of $1305 for the year, compared with $1166 last year and $750 the year before, making an increase of 74 per cent over three years, Mr Forest said.

Mr Wilson said levies for farmers would reduce only if they took injury prevention more seriously, reduced their injury rates and stopped maiming and hurting themselves.

Farmers were beginning to recognise that their accident rates were too high, with 10,000 attending FarmSafe courses in the past 18 months, he said.

Farmers who operate under a company structure, typically larger operations employing staff, would pay 3 per cent less. Overall, self-employed will be stung with an average 2.9 per cent increase from $3.10 for every $100 in earnings to $3.19.

To encourage this group to improve their injury record ACC is proposing that the self-employed, and employers with fewer that 20 staff, be able to earn a 10 per cent discount if they put in place a hazard management programme. A discount scheme would likely be implemented in 2006 and initially be aimed at sectors with the highest injury rates.

Levies proposed to the Government for employers, workers and motorists would remain largely unchanged thanks to ACC's strong investment performance and higher income from levies than expected last year.

The financial surplus should allow ACC to maintain most levies at about existing levels for the next three years despite small increases in the cost of the scheme, Mr Wilson said.

Public submissions on the proposed levies close on September 16 and the Government will set the final rates by the end of the year.

http://www.stuff.co....3775a13,00.html


http://www.accforum....-1073906856.jpg
FROM SCOOP.

Farmers' ACC Levy Hike Disgraceful
Friday, 6 August 2004, 9:52 am
Press Release: ACT New Zealand

Farmers' ACC Levy Hike Disgraceful


Thursday 5 Aug 2004

Gerry Eckhoff - Press Releases - Rural

ACT New Zealand Rural Affairs Spokesman Gerry Eckhoff today slammed ACC's attempt to increase farmers' levies, and described the move as unfair and discriminatory.

"Today's announcement, that farmers will be forced to pay nine percent more in ACC levies, is disgraceful," Mr Eckhoff said.

"ACC has direct access to every farmer's cheque book, and it appears to be continuing to abuse its monopoly.

"Yet again, rural New Zealand is being pummelled by a Labour Government that doesn't give a stuff about farmers.

"Agriculture Minister Jim Sutton must stand up for the farming community he purports to represent at the Cabinet table and prevent this levy hike from becoming a reality.

"When will the Government recognise that farming remains the back bone of our economy and start treating it as such.

"Labour should be ashamed of the way it treats our farmers. I pledge to fight this wacky decision till the bitter end, and I urge my fellow farmers to do the same," Mr Eckhoff said.

ENDS

AND ACC HAS JUST ANNOUNCED A $850m PROFIT ???



http://www.acc.co.nz/ are the third largest Investor & a shareholder in http://www.nzfsu.co....202010%20AR.pdf

http://nzfsu.co.nz/p...pasp?pageid=110

Why is it that http://www.acc.co.nz/ are only to happy to take ACC levies off the farming community in New Zealand to invest in Uruguay, South America yet don't give a helping hand to the New Zealand farming community when they have accidents causing either injury or death to those in need?

How many in the farming community have either lost their farms in New Zealand either through the total lack of support from http://www.acc.co.nz or because they have been accused of ACC fraud for doing essential basic farming requirements that no one is their to help them with?

It is to be remembered it is not the injured client (or their surviving partner who may have also been injured) who drafts up the ever changing Medical Certificates that Doctors fill out but we can assume that of ACC Policymakers.

The wording of Medical Certificates by these Policymakers have at times been very inconsistent with the basic principles of treating injured or members of families that have lost family members through accidents.

Take for instance families where the main income earner & physical worker is the male & their partner is a female who has done light farm duties & the accounts who end up losing their livelihoods because they are treated shabbily by http://acc.co.nz/ & at times there Fraud Investigation Unit staff whom have little if any knowledge or understanding of Farming in NZ.

It's time the New Zealand farming community asked questions as to why there ACC Levies have been invested in a NZ company that has invested in farming systems in Urugauy, South America when it doesn't look after those in it's own backyard.

Those involved in the World Dairy Summit currently being held in Auckland New Zealand should be doing something about this.

http://www.wds2010.com/

http://www.wds2010.com/dairystats.html

http://www.fil-idf.org
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#12 User is offline   hukildaspida 

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Posted 05 September 2012 - 09:47 PM

We trust http://www.acc.co.nz staff have provided her with the consideration and care that this woman farmer is entitled to.

We trust she get's well soon.

Farmers may be a hardy bunch but don't get the physical assistance they need when they have accidents.

http://www.nzherald....jectid=10830862

Woman stable after being crushed by cow
3:56 PM Friday Aug 31, 2012



A 53-year-old Pongakawa woman is in a stable condition in hospital after being crushed by a cow.

She suffered spinal injuries when a cow jumped off the ramp and landed on her while she was loading the second storey of a stock truck on Wednesday.

She was flown to Tauranga Hospital in the TrustPower TECT Rescue Helicopter.

Pukehina Fire Service chief Errol Watts understood the experienced farmer had surgery on Wednesday night and was now in a halo brace.

"I think there's a couple of vertebrae they are worried about,'' he said. "I think she's going to have some more surgery next week when the bruising's gone down.''

- BAY OF PLENTY TIMES
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#13 User is offline   hukildaspida 

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Posted 18 November 2014 - 03:25 PM

31,233 in 2014 active claims costing how much in 2014?

There were 31,286 active claims in 2013 understood to cost $3,498,000.

A small amount of funds considering how much we fund http://www.acc.co.nz




Farmers told to take responsibility for safety

By Catherine Gaffaney
5:00 AM Tuesday Nov 18, 2014 Add a comment

http://www.nzherald....jectid=11360070

Almost 12,000 farming injuries were reported in Hawke's Bay from 2011 to 2013 - costing our accident compensation scheme almost $10 million.

According to ACC, claim numbers rose year-on-year to 1730 new claims and 2424 active claims in 2013. The figures included injuries to workers on sheep, beef, dairy cattle, poultry and other livestock farms, as well as those involved in fruit, vegetable, grain, plant and crop growing.

The total cost of active claims was also highest in 2013 at $3,498,000.

Experts say farmers and farm workers needed to take responsibility for their own safety to bring the figures down.

Clifton Station farmer Angus Gordon, who was hammered to the ground twice by a charging cow and left with dislocated shoulders and a socket of one of his shoulder bones broken last August, said farmers need to be constantly vigilant to the dangers.

"You're in an environment where lots of accidents can happen so you've got to have your wits about you and use your common sense to foresee accidents before they happen," he said.

Mr Gordon had previously been struck in the face by a chainsaw blade and in 1991 he broke several ribs and punctured a lung after his quad bike crashed over a cliff. Last year's accident limited his ability to work for a couple of months, he said.

Hawke's Bay farmer and director of Bay Agricultural Training and Recruitment John Bird
believed the onus was on workers as much as it was employers and training providers to improve farm safety.

"[Bay Training] has to reiterate the safety factor all the time, just as farmers do, but workers, whether they're students or full-time employees, ultimately have to take responsibility for their own actions," he said.

Nationally, the number of new ACC claims for farming injuries was highest in 2012 - up 2745 year-on-year to 20,565. In 2013, the number of new claims dropped slightly to 20,417.

Active claims followed a similar pattern, up by 2548 to 31,286 in 2013, and down slightly to 31,233 in 2014.

The total GST exclusive costs of active claims were, however, highest last year at $52,513,000. In 2011, active claims totalled $51,015,000 and totalled $49,278,000 in 2012.

ACC spokeswoman Stephanie Melville said it wasn't surprising to have fewer claims but more costs. "It seems reasonable to assume that the increased claim costs are a result of more serious accidents," she said.

In an attempt to address the woeful statistics on workplace injuries, the Government introduced new regulatory agency WorkSafe New Zealand in December last year. The agency has been tasked with achieving a 25 per cent reduction in workplace deaths and serious harm by 2020.

WorkSafe national programmes support and design manager Francois Barton said the disproportionately high number of farming injuries and fatalities needed to be brought down. "There were 51 fatalities reported to WorkSafe last year," he said. "Twenty of them were in agriculture - two were children - that says to me that not enough progress is being made."

It was ultimately up to farmers to improve the situation, he said.

- Hawkes Bay Today

By Catherine Gaffaney
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#14 User is offline   hukildaspida 

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Posted 10 February 2015 - 04:20 PM

Minister welcomes launch of Safer Farms
Monday, 9 February 2015, 11:51 am
Press Release: New Zealand Government

Minister welcomes launch of Safer Farms

http://www.scoop.co....safer-farms.htm

Workplace Relations and Safety Minister Michael Woodhouse today welcomed the launch of the government’s Safer Farms programme.


Safer Farms is a multi-year programme designed by farmers and the wider agricultural sector, WorkSafe New Zealand and the Accident Compensation Corporation (ACC).

“The death and injury rate behind the farm gate is simply unacceptable. Someone is killed nearly every fortnight - this needs to change,” Mr Woodhouse says.

“Safer Farms is a new way of tackling a long standing problem hurting rural New Zealand. It’s about education, awareness and support for rural communities.”

120 people have been killed working on our farms since 2008, with four times as many fatalities last year compared to the forestry or construction industries.

“The number of deaths and injuries on farms won’t be reduced by the Government sending out more inspectors. Only farmers can directly influence this toll and Safer Farms aims to help them do this by finding health and safety solutions that work.

“Farmers have told us they want more information and engagement, so Safer Farms will work with farmers and rural communities to manage their own health and safety.”

Safer Farms takes the health and safety message directly to rural communities – through rural retailer education, school programmes, ‘how to’ sessions at field days, and rural industry groups who we will help to provide onsite training.

“The government is committed to reducing workplace death and serious injury and Safer Farms will help us achieve this in the farming industry, while maintaining the quality and production of our primary industries which contribute significantly to our economy.”

The Safer Farms programme includes an easy-to-use toolkit and a comprehensive online resource –www.saferfarms.org.nz – so that farmers have clear health and safety advice, and information.


ends

© Scoop Media
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