Portable Long Service Leave in the building and construction industry

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Abstract

At present, each Australian state and territory has its own Long Service Leave standards. As a result of the Fair Work Act, there is interest in establishing a uniform national Long Service Leave standard. Some people have suggested that the new standard should allow for better portability of benefits as people move from one employer to another. In order to assess the desirability of doing so, it seems sensible to evaluate the strengths and weaknesses of the existing state-based LSL schemes which provide portable LSL benefits for workers in the building and construction industry. In this paper, we review the financial management and performance of these schemes, looking at legal structures, benefit design, investment strategy, stability of employer costs, solvency, and compliance issues.
LanguageEnglish
Pages67-92
Number of pages25
JournalAustralian journal of actuarial practice
Volume5
Publication statusPublished - 2017

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Bibliographical note

Firstly published in the Actuaries Summit 2015, https://www.actuaries.asn.au/microsites/actuaries-summit/program/snapshot

Keywords

  • Long Service Leave
  • Portability of Entitlements
  • National Employment Standards
  • Fair Work Act
  • Building and Construction Industry

Cite this

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title = "Portable Long Service Leave in the building and construction industry",
abstract = "At present, each Australian state and territory has its own Long Service Leave standards. As a result of the Fair Work Act, there is interest in establishing a uniform national Long Service Leave standard. Some people have suggested that the new standard should allow for better portability of benefits as people move from one employer to another. In order to assess the desirability of doing so, it seems sensible to evaluate the strengths and weaknesses of the existing state-based LSL schemes which provide portable LSL benefits for workers in the building and construction industry. In this paper, we review the financial management and performance of these schemes, looking at legal structures, benefit design, investment strategy, stability of employer costs, solvency, and compliance issues.",
keywords = "Long Service Leave, Portability of Entitlements, National Employment Standards, Fair Work Act, Building and Construction Industry",
author = "Shauna Ferris and Louise Thornthwaite and Timothy Kyng and Raymond Markey",
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T1 - Portable Long Service Leave in the building and construction industry

AU - Ferris, Shauna

AU - Thornthwaite, Louise

AU - Kyng, Timothy

AU - Markey, Raymond

N1 - Firstly published in the Actuaries Summit 2015, https://www.actuaries.asn.au/microsites/actuaries-summit/program/snapshot

PY - 2017

Y1 - 2017

N2 - At present, each Australian state and territory has its own Long Service Leave standards. As a result of the Fair Work Act, there is interest in establishing a uniform national Long Service Leave standard. Some people have suggested that the new standard should allow for better portability of benefits as people move from one employer to another. In order to assess the desirability of doing so, it seems sensible to evaluate the strengths and weaknesses of the existing state-based LSL schemes which provide portable LSL benefits for workers in the building and construction industry. In this paper, we review the financial management and performance of these schemes, looking at legal structures, benefit design, investment strategy, stability of employer costs, solvency, and compliance issues.

AB - At present, each Australian state and territory has its own Long Service Leave standards. As a result of the Fair Work Act, there is interest in establishing a uniform national Long Service Leave standard. Some people have suggested that the new standard should allow for better portability of benefits as people move from one employer to another. In order to assess the desirability of doing so, it seems sensible to evaluate the strengths and weaknesses of the existing state-based LSL schemes which provide portable LSL benefits for workers in the building and construction industry. In this paper, we review the financial management and performance of these schemes, looking at legal structures, benefit design, investment strategy, stability of employer costs, solvency, and compliance issues.

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KW - Fair Work Act

KW - Building and Construction Industry

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JO - Australian journal of actuarial practice

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