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This definition applies to all payments.
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
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Last reviewed: 1 July 2010
