Delivering a quality Portable Long Service Benefits Scheme
On behalf of the Governing Board, we are pleased to present the Authority’s Annual Report for the financial year ended 30 June 2025.
The Authority continues to be responsible for the portable long service leave schemes that record and accrue long service entitlements for workers in the community services, contract cleaning and security industries. Now in the sixth year of operations, we are proud to report that at the end of the 2024-25 financial year, the Scheme has over 400,000 workers registered and holds investments of over $700 million to support worker entitlements on behalf of registered workers.
Consistent with the objectives set out in our 2023-26 Corporate Plan, during the current financial year, the Authority has continued to divide its focus across key strategic priorities. These included providing registered employers with improved guidance as well as support with technical functionality in the quarterly returns lodgement process. New targeted communications and engagement activities increased worker awareness of the Schemes and the understanding of individual worker entitlements. We have improved our website and guidance materials to enhance accessibility and overall engagement with the Schemes and the Authority.
In addition to these activities, the Authority is also aware of its role as a Regulator. During the financial year, we have not been afraid to exercise our compliance and enforcement powers against employers that fail to meet their legal obligations under the Long Service Benefits Portability Act 2018 and the Long Service Benefits Portability Regulations 2020. Our compliance and enforcement activities during the 2024-25 financial year have focused on employers that have failed to make payments of their invoiced contributions making it unfair for other compliant employers who are doing the right thing by their workers. Additionally, through various information channels, including intelligence from other areas of government as well as employer and worker representative bodies, the Authority has also continued to respond to deliberate non-registration by identified specific employers. Our investigation officers have conducted field operations across not just metropolitan Melbourne but also various parts of regional Victoria.
Critical to the success and financial sustainability of the Schemes is the investment of the assets that are collected and held in trust to support the portable long service entitlements of all workers. The Authority's funds are managed by the Victorian Funds Management Corporation (the Victorian Government's investment manager) and during the financial year, the investment performance of each of the Schemes has continued to exceed the targeted rate of return as well as other key financial measures.
Looking forward, as the Schemes mature towards the important seven year milestone upon which a large number of registered workers across all three Schemes will be entitled to access and take their portable long service entitlements, the Authority is working hard to ensure that underlying infrastructure (operational and technological) are ready to process the high volume of anticipated claims that will commence in 12 months time.
Finally, on behalf of the Governing Board, we would like to thank the Minister for Industrial Relations, the Department of Treasury and Finance, employer and worker representative bodies and all the staff within the Authority for their contributions over the past 12 months in making the 2024–25 financial year an important and successful one for the Authority.
Julius Roe
Chair, Governing Board
Joseph Yeung
Chief Executive Officer
Registrar
Updated