Coal LSL’s purpose is to connect employers and employees with long service leave for the good of Australia’s black coal mining industry.
The end of the year could not have been more different from the beginning; and even though we didn’t waiver from delivering our purpose, we did so in a global environment that was shifting and adjusting to the realities of the COVID-19 pandemic. Despite the challenges this presented, we were able to recalibrate to the new status quo and continued to carry out our role in the industry as administrator and regulator of the portable coal mining long service leave fund.
We value our relationships with industry employers and during 2019–20 we built and fostered an employer relationship team that allowed us to enhance our interactions with them. As a result, we conducted more than 1,200 proactive engagements with employers relating to onboarding and relationship management.
With a continued focus on our employer compliance program, we achieved a record 218 new employer registrations during the reporting period. We recorded an additional milestone shortly after the reporting period in September 2020, reaching a total of 1,000 employers registered for the scheme on behalf of more than 53,000 active eligible employees.
We allocated more resources expediting our Missing Service Review process for employees, resulting in significant reductions in processing time and enabling us to connect employees with their entitlements more efficiently.
Our commitment to continuous improvement progressed our goal of delivering effective operations through our people, processes and technology designs. To this end we advanced our digital strategy, introducing a client relationship management system and a straight-through processing functionality to enhance the way we connect employees and employers with long service leave.
The decision in 2018 to reduce the payroll levy from 2.7% to 2.0% contributed to the 2019/2020 reported financial deficit. The reduction in the payroll levy rate was possible due to the Fund’s historically strong financial performance and its actuarial-assessed surplus position.