CEO Welcome

Welcome to our final edition of LeavePlus News for employers in 2023. After a year of hard work and continuing transformation, LeavePlus is looking forward to taking a well-earned break over the festive period. Our office and phone lines will be closed from 5pm on Friday 22nd December 2023 and will reopen at 8am on Tuesday 2nd January 2024. I’m sure you are all looking forward to taking some time out to recharge the batteries over the Christmas holiday period. So, before you switch on your out-of-office message for the festive period, please make sure to also set a reminder to submit your Workers Days and Wages return for the October to December 2023 period before the due date of 14 January 2024.

As we come towards the end of the calendar year, it’s a great time to take stock of the progress and growth that has occurred over the last 12 months at LeavePlus. We began the year by launching our new values to help our people and teams to embody our strategic direction throughout the organisation; Here For Members, Thrive Together, Empower Our People, and Anticipate & Create. Our values guide every decision we make, and the actions that we take, emphasising our commitment to achieving a common goal and underlining our collective sense of purpose.

Our new values assisted in readying the business to introduce the new LeavePlus brand in August. After almost 30 years of the CoINVEST brand, it was time to launch the new identity of Victoria’s Construction Industry Long Service Leave Scheme. Feedback from our members showed that the name ‘CoINVEST’ had not been clear in communicating our purpose or what we do. Changing our name and visual brand has brought a renewed opportunity for our members to connect with the vital role that portable long service leave plays in our industry. In addition to our rebrand, the Fund also passed an historic milestone by reaching the $2 Billion mark at the end of June, solidifying our position as Victoria’s largest worker entitlement scheme.

In November we held our Annual Meeting and published our Annual Report for Financial Year 2022-2023, the last under the CoINVEST brand. In the last financial year we paid 20,225 long service leave benefits to members, at an average $9,952 per long service leave claim. The annual investment return for the Fund was 7.5%, with the Scheme remaining fully funded with a funding ratio of 124.6% (the Fund’s ability to pay current and projected long service leave benefits at 30 June 2023). You can read more highlights about the fantastic results of Financial Year 2022-2023 in our feature article and video review below.

While there has been plenty of change around the business, we have also seen changes at the boardroom level in 2023, with various Director terms ending and new Directors appointed over the last 12 months. Chris Patterson and Michael Paynter joined as Directors in July 2023 representing Electrical Trades Workers and Metal Trades Employers respectively, replacing outgoing Directors Arron Harris and Tim Piper. Di Fulton completed her term as an Independent Director, with Michelle McLean joining in October 2023. I thank Arron, Tim, and Di for their guidance and support as part of the Board of Directors. In September we also welcomed Lewis Tassone as our new Chief Financial and Investment Officer (CFIO) to complete the LeavePlus Executive Team.

I want to express my gratitude for all the hard work that has been done by all team members throughout the organisation and the Board over the last year. During a period of change and growth, everyone has pulled together to bring in some remarkable achievements, ensuring that Victoria’s largest worker entitlements scheme will continue to provide your workers with their well-earned break when they need it most.

Portable long service leave is a vital part of our industry, and the Christmas holidays can often bring into focus the need to take some time out to recharge.  Taking a well-earned break helps your workers to come back refreshed and energised, ready to meet the opportunities that 2024 will bring. From everyone at LeavePlus, we wish you all a Merry Christmas, and a safe and happy New Year.