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New interest rate on overdue weekly compensation payments

Released 29/06/18

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.

More about weekly compensation

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.

Section 114, Payment of interest when Corporation makes late payment of weekly compensation

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