New interest rate on overdue weekly compensation payments
From 1 July 2018, the interest rate we’ll pay on overdue weekly compensation payments is 4.245% per annum. Up until 30 June 2018, the interest rate is 5% per annum.
When weekly compensation is overdue
Weekly compensation is overdue if we’ve taken more than one month to pay you after we've received the information we need to calculate and make the payment. We’ll pay interest to you if this happens.
We review the interest rate each year
We’re legally required to review and update, if necessary, the interest rate on overdue weekly compensation on a yearly basis.
The legislation relating to overdue weekly compensation payments and interest rates is set out in section 114 of the Accident Compensation Act 2001.