New Life Tables - Redemption arrangements Section 137 of the Safety, Rehabilitation and Compensation Act 1988
5 November 2021
The Australian Bureau of Statistics has published new Life Tables, States, Territories and Australia 2018 - 2020.
The Life Tables are applied to calculate redemption lump sum amounts under section 137 of the SRC Act.
Section 137 provides for the redemption of weekly incapacity payments, at the request of a former employee, where those payments are less than $123.77 a week.Former employees are persons who were in receipt of weekly incapacity payments and retired before the commencement of the SRC Act on 1 December 1988.
The weekly amount of $123.77 is indexed annually by way of Consumer Price Index on 1 July. This rate can be found on Comcare’s Statutory Rates for Compensation page.
The Life Tables for 2018- 2020 were published by the ABS on 4 November 2021. This information is available on the ABS website . Please refer to the current Life Tables when calculating the "expectation of life" component under subsection 137 of the SRC Act.