The Board has accepted its Actuary’s recommendation to increase the rates applicable to both voluntary schemes. The new contribution rate will be $180 per 2 months and the interest rate will increase to 4.8%. Both increases take effect from the July/August 2010 period.
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/self-employed contractors can receive comparable remuneration during their period of leave.