In some unfortunate cases, an employee can obtain a total and permanent disability while at work. Such a disability can occur from an injury, illness, or other condition that one suffered in the workplace.
In most cases, such circumstances will make you qualify for compensation from your employer's superannuation funds in order to cover any medical expenses and lost wages as a result of your injury.
What are superannuation funds?
A superannuation fund is basically another name for a pension fund. It is created for companies to put contributions that employees can access upon retirement or injury. As opposed to other retirement plans, these funds are essentially fixed deposit and withdrawal funds that don't change according to the level of investment or the performance.
Therefore, superannuation funds provide the necessary pool for disabled employees to access after their injury.
How do you access these funds upon obtaining permanent disability?
Risks in the workplace are widespread, and it is not uncommon for an employee to become permanently disabled while at work. Compensation for a permanent disability is more complex than other types of injuries. Indeed, this compensation will most likely need to be higher in amount and more long term in nature.
Compensation for total and permanent disabilities is most often provided via superannuation funds. These funds can be paid out in a lump sum or monthly by your employer as compensation for your injury. The superannuation fund provides a more stable and reliable pool for meeting the compensation amounts that you may require to address medical needs, daily care, and lost wages.
How do you claim your funds in the event of a workplace injury?
Just because you have obtained a total and permanent disability does not necessarily mean that you will automatically qualify for superannuation funds. Indeed, there are typically stringent qualification criteria that govern qualification for these funds. It is always a good idea to have a workers compensation lawyer represent your case for eligibility.
The eligibility process involves filling out forms and providing medical reports to support your claim. In most cases, your eligibility is determined if your injury causes you to be unable to work for 6 consecutive months and remain unlikely to work for an extended time period.
In addition, some specific illnesses and injuries also lead to qualification for superannuation based on an accurate diagnosis. For example, brain injuries, stroke, heart conditions, and spinal injuries may all fall under a total and permanent disability that makes you eligible for superannuation funds as compensation.