CoINVEST News Edition 4 2014

ISSUE 4 / DECEMBER 2014
For Employers in the Victorian Construction Industry ww.coinvest.com.au
CEO WELCOME
Rewritten Rules Formally Adopted
At the November Board meeting the Directors of CoINVEST Limited formally adopted the
rewritten Fund Rules.
This is the end of a
long project to make
the Rules simpler by
removing references
to old non-existent
Awards, remove
ambiguity and make
the reading of the
Rules easier by using plain English.
The formal adoption came after a long
consultation process with the industry and
Victorian Government to ensure that there
was no change to the meaning and effect of
the Rules in regard to process and coverage.
In other words the industry will see no
change to the way they deal with CoINVEST.
Responsibilities on both sides remain the
same. The rewritten Rules are more
contemporary and designed to make the
administration of the scheme more logical
going forward. A copy of the new Rules is on
our website.
On behalf of the Board and staff of
CoINVEST Limited I wish all employers in the
industry a happy and restful holiday season
and hope that the new year is a successful
one for you.
John Hartley
CEO, CoINVEST
Annual
Beneficiaries
Meeting
CoINVEST Online Services
There are many online services available that can help you
manage your obligations to CoINVEST.
Employers who have a valid email address
registered with CoINVEST can begin the
registration process by clicking on the “Need
a new password” link at the top of the page
above the Login button.
You can use online services to:
Employers who do not have an email address
registered with CoINVEST, will need to email
us at [email protected] to provide their
email address.
• Update existing workers details
• Submit your Workers’ Days and Wages
information
• Add new workers to your records
• Check worker entitlements
• Check the status of your Workers’ Days
and Wages form
This year’s Annual Beneficiaries Meeting
was held on Tuesday 11 November. The
purpose of the meeting was to provide
members with a summary of company
operations during the previous 12 months
and to discuss future strategies of the
scheme. It was also an opportunity for
employers and workers to present questions
to Board Members and Executives.
CoINVEST
Christmas
hours
CoINVEST’s offices will be closed for the
Christmas/New Year period from 12 noon on
24 December 2014 and will reopen at 8am
on 2 January 2015.
If workers need to take long service leave
during this time due to an emergency, they
can contact CoINVEST on (03) 9664 7650.
Ordinary hours and changes for contribution
calculations to come in January 2015
Some workers do not have a fixed number of
weekly hours as part of their terms of
employment. This would typically apply to
‘casual’ workers and ‘piece’ workers. This
does not apply to workers whose hours are
fixed by their terms of employment.
The amended Rule now means that workers
whose terms of employment do not have a
fixed weekly number of hours, the first 38
hours of work for a single employer are
counted towards their leave.
If these workers work less than 38 hours in
the week for a single employer, their service
SCENARIO
actual
HOURS
WORKED
and contributions are the total number of
hours at the actual rates they received,
irrespective of what rate those hours were
paid to the worker.
This change affects the way an employer
calculates and reports their Days and Wages
information quarterly to CoINVEST:
The change means that if a worker does not
have a fixed weekly number of hours set in
their terms of employment, the first 38 hours
worked starting Monday and ending Sunday
are to be used for the calculation of Days and
Wages contributions.
HOURS FOR CONTRIBUTION
(maximum 38 hours)
For Wages reporting, the employer
pays CoINVEST for the first 38 hours worked
at the actual rates the worker received
payment from the employer for those 38
hours.
For Days reporting, the employer
reports to CoINVEST the number of days
worked based on an 8 hour day. This requires
the employer to convert the hours worked to
days by dividing the total hours worked
(maximum 38) by 8 hours, rounding upwards
to a whole day, at a weekly maximum of 5
days reportable service.
Hours Converted
to Days
(maximum 5 days)
Report to CoINVEST
total days
total wages
Worker performs
three 12 hour days
on Tuesday,
Wednesday and
Thursday for one
employer.
36
All actual hours worked as worker does
not exceed 38 hours in one Mon-Sun
week with this employer.
36 divided by 8 = 4.5,
rounded upwards = 5
days.
5
All actual hours
worked at both
normal and penalty
rates as they fall.
Worker performs
four 12 hour days on
Monday, Tuesday,
Wednesday and
Thursday for one
employer.
48
Monday: 8 hours normal time plus 4
hours penalty rate; Tuesday: 8 hours
normal time plus 4 hours penalty rate;
Wednesday: 8 hours normal time plus 4
hours penalty rate; and Thursday: 2
hours normal time.
48 divided by 8 = 6,
which is above the
maximum = 5 days.
5
First 38 hours at
both normal and
penalty rates as they
fall.
Worker performs
two 8 hour days on
Monday and
Tuesday, a 6 hour
day on Wednesday,
a 10 hour day on
Thursday and a 7
hour day on Friday.
39
Monday: 8 hours normal time, Tuesday: 39 divided by 8 = 4.875,
8 hours normal time, Wednesday: 6
rounded upwards = 5
hours normal time, Thursday: 8 hours
days.
normal time plus 2 hours penalty, Friday:
8 hours normal time.
5
First 38 hours at
both normal and
penalty rates as they
fall.
Worker performs
three 9 hour days
on Monday,
Wednesday and
Friday for one
employer.
27
All actual hours worked as worker does
not exceed 38 hours in Mon – Sun week
with this employer.
4
All actual hours
worked at both
normal and penalty
rates as they fall.
CoWALKERS
charity walk
27 divided by 8 = 3.375,
rounded upwards = 4
days.
and March 1st 2015 to raise money for cancer
research. In the 2014 event the CoWalkers
Team raised $26,600 in donations.
CoINVEST have again entered a team of staff
into “The Weekend to End Women’s Cancers”.
Team members have committed to walk 60
kilometres on the weekend of February 28th
Proceeds from The Weekend will provide vital
funding for cancer research and clinical care
at the Peter MacCallum Cancer Centre,
Australia’s only public hospital solely
dedicated to cancer, and home to Australia’s
CoINVEST Limited
478 Albert Street
East Melbourne, Victoria 3002
T 03 9664 7677
T 1300 COINVEST
F 03 9663 7088
GPO Box 4368
Melbourne, Victoria 3001
[email protected]
www.coinvest.com.au
largest cancer research group.
Details of the walk can be found at
www.endcancer.org.au. You can donate to
this great cause by selecting “Melbourne”
from the homepage, then clicking on the
green “Donate” button and searching for the
“CoWALKERS” team.
Office Hours
8am to 5pm
CoINVEST Limited (ABN 35 078 004 985)
as Trustee for the Construction Industry
Long Service Leave Fund.

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