1.1.E.10 Economic loss compensation

Usage

This definition applies to all payments.

Definition

Economic loss compensation is a compensation payment that is made wholly or partly in respect of lost earnings or lost capacity to earn, resulting from a personal injury.

Economic loss compensation includes lost wages (past economic loss), interest on past economic loss, lost capacity to earn (future economic loss) and lost superannuation contributions.

Act reference: SSAct section 17(2) Compensation, Part 3.14 Compensation recovery

Policy reference: SS Guide 1.1.C.250 Compensation affected payment, 1.1.N.110 Non-economic loss compensation, 4.13.2.40 Compensation Part of Lump Sum - Judgement by Contested Hearing, 3.1.9 Compensation Provisions, 4.13 Compensation, 6.4 Compensation Recovery

Last reviewed: 7 November 2016