The NZPFU is currently in discussions with two providers for income protection insurance for members. This process has taken far longer than we envisaged and much of the delay stems from the impact of extreme weather events on insurance companies. The NZPFU National Committee is committed to ensuring we have procured the most effective policy for members and is carefully considering either option. We expect to be able to make an announcement shortly.
Please see the attached agreed Record of Settlement and the below to refresh members’ understanding on the benefit as negotiated in the December 2022 settlement:
FENZ will reimburse up to $50 per week ($2600 per annum) upon evidence of income protection and/or life insurance premiums being incurred.
- The reimbursement is backdated to 1 July 2022.
- The reimbursement allowance will be paid in a lump sum after 30 June 2023.
- FENZ are yet to confirm the “evidence” required but have stated they do not expect it to be arduous. We have members who are currently paying for life insurance through deductions from their wages and FENZ will be able to verify those payments. Other members are paying insurance to other providers and it will be a matter of demonstrating payment of premiums for the year with up to $2600 to be reimbursed.