Section 220 — Injury Prevention, Rehabilitation, and Compensation Act 2001: Rate of levies

220 Rate of levies (1) Levies must be paid under section 219 at a rate or rates prescribed by regulations made under this Act and must be related in whole or in part to the level of earnings derived or deemed by regulation to be derived by the earner or category of earner. (2) The extent of funds to be derived from levies under section 219 is to be calculated to achieve the following: (a) the outstanding claims liability of the Earners' Account as at 30 June 1999, as recognised by the Corporation from time to time, is to be fully funded no later than 30 June 2014 by the prescribed Earners' Account Residual levy: (b) the cost of all other claims under the Earners' Account is to be fully funded by levies. Compare: 1998 No 114 s 284