WORKCOVER

Unfunded Liability

Outside of WorkCover (the corporation) and EML (its agent Employers Mutual Limited), who really knows what it is.

It appears to me to be a “smoke and mirrors” exercise or a misinformation ruse to keep the true potential liability out of the public domain.

To my belief, a blanket embargo has been placed on “redemptions”. Redemptions, I understand, appear on the unfunded liability radar, whereas maintained weekly payments do not.

Many believe WorkCover/EML have been heavy handed with the application of section 35 of the new Act. In cases it would appear that they have failed to comply with section 38 with impunity.

Unions, Lawyers and even ombudsmen believe the current Act is flawed, unfair in many cases on the genuine claimants and should be amended.

Interest Calculations

I have a higher level Financial Maths component to my tertiary qualifications.

I have been unable under any recognised methodology to replicate the back-pay interest applied by EML. The difference derived by variations of methodologies known to me is small, but always in the favour of WorkCover.