Contributions by employer under Part 2 of Schedule 1 (Local government and other authorities)
15 Contributions by employer under Part 2 of Schedule 1 (Local government and other authorities)
If an employee is employed by an employer specified in Part 2 of Schedule 1, the employer must pay to a fund managed by STC contributions at a rate determined by STC.
The rate is to be determined by STC with the concurrence of the Treasurer and after obtaining actuarial advice.
In determining the contributions payable by an employer specified in Part 2 of Schedule 1, STC is to have regard to the amount required to meet the full costs of the liabilities under this Act of all employers specified in Part 2 of Schedule 1.
STC may, with the concurrence of the Treasurer, require any such employer to pay into the fund additional contributions for a specified period if it appears to STC that there is insufficient money in the reserve for employers specified in Part 2 of Schedule 1 to meet the employers’ liabilities under this Act.
This Act’s bill:Explanatory memorandum
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