Ensure that Percentage of employer returns and 80% 80% 80% 80% employers’ payments submitted by due date contribution (five working days after the end of the levies are month following the relevant quarter). collected efficiently and effectively. Ensure that Percentage of payments completed 85% 85% 85% 85% payments to within 10 working days of receipt of a employees, correctly completed and verified claim contractors and form. reimbursements to employers are made in accordance with the Act. Ensure that long Annual net return for each 3.5% 3.5% 3.5% 3.5% service leave administered scheme on funds under above above above above administered management is in accordance with the CPI CPI CPI CPI schemes’ funds Investment Plan. averaged averaged averaged averaged are invested to over over over five over ensure a five years five years years for five years term surplus of for each for each each for each assets over scheme scheme scheme scheme liabilities. Ensure each The ratio of total assets over total 110% 110% 110% 110% scheme has liabilities as at 30 June of the financial adequate assets year for each administered scheme is to meet its maintained at least of the target. liabilities. Assessment of Performance Against 2015-16 Objectives Objective Measure Planned 201516 Est. Outcome Explanation of 201516 variance Ensure the Percentage of 96% 99% Majority of the maximum number employer applications are of eligible registrations processed in the employers and completed within required time their employees 10 working days of frame.
Ensure that employers’ contribution levies are collected efficiently and effectively. Percentage of employer returns and payments submitted by due date (five working days after the end of the month following the relevant quarter). 80% 80% 80% 80% Ensure that payments to employees, contractors and reimbursements to employers are made in accordance with the Act. Percentage of payments completed within 10 working days of receipt of a correctly completed and verified claim form. 85% 85% 85% 85% Ensure that long service leave administered schemes’ funds are invested to ensure a surplus of assets over liabilities. Annual net return for each administered scheme on funds under management is in accordance with the Investment Plan. 3.5% above CPI averaged over five years for each scheme 3.5% above CPI averaged over five years for each scheme 3.5% above CPI averaged over five years for each scheme 3.5% above CPI averaged over five years for each scheme Ensure each scheme has adequate assets to meet its liabilities. The ratio of total assets over total liabilities as at 30 June of the financial year for each administered scheme is maintained at least of the target. 110% 110% 110% 110% Assessment of Performance Against 2015-16 Objectives Objective Measure Planned 201516 Est. Outcome 201516 Explanation of variance Ensure the maximum number of eligible employers and their employees Percentage of employer registrations completed within 10 working days of 96% 99% Majority of the applications are processed in the required time frame. term