Employee provisions The provision for employee entitlements encompasses unpaid annual and long service No provision is made for sick leave. Other provisions Provision is made for: outstanding workers’ compensation claims liabilities asbestos-related common law liabilities. These estimates have been prepared by independent actuaries. They are based on analysis of the historical development of the relevant claims experience, with allowances for future claim escalation and administration expenses, and are discounted to a present value to allow for the time value of money. The estimates of outstanding liabilities have been on independent actuarial valuations on the basis of the central estimate plus the risk margin that would achieve a 75 per cent probability of sufficiency.
Employee provisions The provision for employee entitlements encompasses unpaid annual and long service No provision is made for sick leave. Other provisions Provision is made for: outstanding workers’ compensation claims liabilities asbestos-related common law liabilities. These estimates have been prepared by independent actuaries. They are based on analysis of the historical development of the relevant claims experience, with allowances for future claim escalation and administration expenses, and are discounted to a present value to allow for the time value of money. The estimates of outstanding liabilities have been on independent actuarial valuations on the basis of the central estimate plus the risk margin that would achieve a 75 per cent probability of sufficiency.
2015-16_employment_pbs_final.docx