55Long service leave payments to contractors

55 Long service leave payments to contractors

55 Long service leave payments to contractors

(1) For sections 50 and 52, the amount payable to a contractor who is a registered worker for long service leave for service accrued as a registered worker is the total of the following for the service—

(a) the amount of the long service leave levy paid by the contractor to the Corporation under section 42,

(b) interest at the rate determined by the Corporation under subsection (2), and calculated from the date of receipt of each amount paid under section 42 until the designated day for the long service leave.

(2) The rate of interest must—

(a) be calculated after the end of each financial year for the previous financial year, and

(b) take into account the expenses incurred in administering the Corporation, and

(c) be at least 75% of the rate of interest, expressed as a percentage, earned by the Corporation on the amount in the Fund and calculated in accordance with the regulations.

(3) The Corporation may determine an interim rate of interest from time to time before the determination of the rate under subsection (2).

(4) In this section—

designated day, for long service leave, means the following—

(a) for a registered worker taking long service leave—the day the leave starts,

(b) for a registered worker being paid pro rata instead of taking long service leave—the day the Corporation approves the application for payment.