In June, the Board acted on a recommendation from its actuary to increase the contribution amount payable by $10 to $165. This increase is effective from the July/August 2008 return period.

The interest rate payable on these contributions has also been increased from 6.4% to 7.8%.

The contribution rate and earning rate are reviewed annually and when justified, increased to ensure the real rate of contributions is maintained over time. This ensures working directors/contractors can receive comparable remuneration during their period of leave.