22 Sep 2015

ACC to remove residual levies

3:24 pm on 22 September 2015

The Accident Compensation Corporation says it will be removing residual levies from its Work, Earners' and Motor Vehicle Accounts next year.

Residual levies have been collected since 1999 to build up sufficient funds to meet the anticipated lifetime costs of claims received before then.

ACC Minister Nikki Kaye estimates the change will mean 53 percent of businesses will pay lower work levies.

Ms Kaye says there will now be fairer work levies because industries with the greatest injury costs will pay their true share of those costs.