CoINVEST | LeavePlus (2024)

CoINVEST | LeavePlus (1)

CoINVEST changes its name to LeavePlus on 14 August 2023.

CoINVEST | LeavePlus (2)

Victoria’s construction industry has relied on us since 1976 to administer the portable long service leave Scheme. We have navigated a lot of change in the industry over that time. Now, we’re excited to announce a change of our own. In August, we will change our trading name and launch our new identity as LeavePlus.

Although the trading name, logo, and website will change to LeavePlus, everything else essentially stays the same:

  • We are ‘CoINVEST Limited as Trustee for the Construction Industry Long Service Leave Fund (trading as LeavePlus)’
  • All claim payments will come from ‘LeavePlus’, but CoINVEST Limited is still the legal entity name
  • Our BPay biller code and financial transactions information remain unchanged
  • All contributors to the Scheme still have the same obligations
  • All member information and previous transactions will remain unchanged

The Scheme has been known as CoINVEST since 1992, but we know from feedback that the name ‘CoINVEST’ hasn’t been clear in communicating our purpose or what we do. Changing our name and visual brand offers a renewed opportunity for our members to connect with the vital role that portable long service leave plays in our industry.

We know that our members will have lots of questions about the change of name from CoINVEST to LeavePlus. That’s why we have created a comprehensive Frequently Asked Questions (FAQ) document to address any queries you might have. We have also compiled some quick reference menus below if you have a query about a specific topic.

Trading name

  • Our trading name will change to LeavePlus from 14 August 2023. The legal entity name will remain as CoINVEST Limited until amendments to the Construction Industry Long Service Leave Act (the Act) can be approved by Parliament. Along with the change of name, our visual identity, logo, and branding materials will all reflect the new LeavePlus experience.

Awareness campaigns

  • Members will be communicated with directly via email campaigns to keep them informed around the transition to LeavePlus. A press release will be distributed to industry stakeholders and media outlets, and the upcoming change will be heavily featured on our website and social channels.

Website and social media

  • The new leaveplus.com.au website will be live from 14 August 2023. The old CoINVEST website will automatically redirect users to the new LeavePlus website for a period after launch to ensure a smooth transition.
  • Our existing LinkedIn profile and YouTube channel’s names will change from CoINVEST to LeavePlus in mid-August 2023. All followers and previous content posts will remain in the same location but will appear under the new LeavePlus name. LeavePlus will also be releasing content on additional platforms such as Instagram and Facebook.

Functionality of the Scheme

  • Our visual identity, brand name, and website will change from CoINVEST to LeavePlus. But the Scheme itself and how it functions will remain unchanged. The change to a new brand name has no effect on the service, entitlements, or benefits of our members.

Transactions and services

  • All members will be able to access their existing profile through the LeavePlus portal at leaveplus.com.au and interact with our services in the same way as before. Employers will still report service and make contributions to the Fund in the same way and there are no changes to the legal obligations of employer members.
  • Your LeavePlus member number will be the same as your CoINVEST member number – but we will be moving to a new website. This means your browser or password manager won’t know your member number, if it has been saved, for the new site. Make a note of your CoINVEST member number for when you first log in to the new LeavePlus member portal. All of the information from your CoINVEST profile will be brought over to your LeavePlus member profile.

Contacting LeavePlus

  • Our existing customer contact phone number will remain as 1300 264 683, and all other CoINVEST phone numbers will be carried over to LeavePlus. New LeavePlus email addresses will be in place in advance of the change – all CoINVEST email accounts will remain in operation for a period after the transition to ensure continuity of service for our members. Email to CoINVEST addresses will automatically forward to the new LeavePlus addresses but we ask that you use the LeavePlus email address from 14 August 2023.

Benefit payments

  • Our BPay biller code and banking details remain unchanged, and we will still be operating from the same premises. While our trading name will change to LeavePlus, our legal entity name will remain CoINVEST Limited. All member benefit payments will come from ‘LeavePlus’ and appear as this on records of financial transactions. We will give plenty of notice to members of any future changes to our legal entity name.

Identity and engagement

  • We know from feedback that the CoINVEST brand identity has been hard to connect with and did not cut through for our members. They were not able to easily distinguish us from other peak bodies or services in our sector and this has presented challenges around engaging our member base.
  • After more than 30 years of being known as CoINVEST, our Board of Directors agreed that it was the right time to change to a new name that better represents who we are, what we do, and why we do it. A new brand identity offers the opportunity for our members to connect with the Scheme and allows us to communicate more effectively around the vital role that portable long service leave plays in our industry.

Investment and growth

  • We have invested in various resources and services to prepare for and execute our rebranding strategy including market research, creative agencies, and consultancies. The Board of Directors unanimously voted for an update of the CoINVEST brand.
  • The Directors represent the workers and employers of the construction industry and will always make decisions in the best interests of its members and the long service leave Fund. The Board of Directors identified the need to rebrand in order to increase awareness of the scheme in order to ensure all eligible workers receive the benefits of the portable long service leave Scheme.

LeavePlus acknowledges the Traditional Owners of the land where we work and live, and we pay our respects to Elders past and present

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WDW form due on:

There are 65 days in the Oct-Dec 2023 Quarter.

January

14

CoINVEST Limited as Trustee for the Construction Industry Long Service Leave Fund (trading as LeavePlus) | ABN 35 078 004 985

© LeavePlus 2023

Made by Verse

CoINVEST | LeavePlus (2024)

FAQs

How does the CoINVEST work? ›

CoINVEST operates as a fund into which employers pay a quarterly contribution fee proportionate to the size of their workforce's total wages. After seven years of working in the construction industry, workers can claim their long- service leave from CoINVEST. Who is covered by CoINVEST?

What does CoINVEST do? ›

Coinvest Money is a leading fintech company that offers mobile money transactions & payments. We offer anyone the ability to conveniently and securely perform day-to-day financial transactions using a physical money card, desktop or mobile application.

What is CoINVEST now? ›

About us. LeavePlus is the portable long service leave Scheme for the construction industry in Victoria – established in 1976, known as CoINVEST since 1992, and renamed as LeavePlus in 2023.

Who has to pay CoINVEST? ›

CoINVEST is a fund in which employers pay a quarterly invoice which is based on 2.7 per cent of total gross wages reported on the completed 'Workers' Days and Wages' form.

What is the maximum withdrawal from CoINVEST? ›

Minimum and Maximum Limits: Keep in mind that there is a minimum withdrawal amount of R10 imposed by Coinvest. Additionally, there is a maximum daily limit of R5,000 for withdrawals, providing you with flexibility while ensuring security.

How do you transfer money from CoINVEST to your bank account? ›

To request a withdrawal from your CoInvest account, you will need to click on the "Withdrawals" tab. From there, you will be prompted to enter the amount you wish to withdraw and select the bank account where you want the funds to be transferred. Make sure to double check the details before submitting your request.

Who needs CoINVEST? ›

CoINVEST is a compulsory requirement for all kinds of building work including new builds, renovations, installations, maintenance and repair work.

What is the two thirds rule for CoINVEST? ›

The “Two Thirds” rule

In any given Workers' Days and Wages period where an individual apprentice or worker performs covered work for at least two thirds of his/her employment, the employer must record 100% of that individual's employment the Workers' Days & Wages form for that period.

What is the percentage for CoINVEST? ›

The current rate of 2.7% has been in place since 1 July 2009. The contribution rate is agreed upon and implemented to match market conditions so that CoINVEST can provide the best service to its members in administering Long Service Leave.

How much do you get paid at CoINVEST? ›

Salaries by job title at CoINVEST
Job titleTotal Pay Base | Additional
Claims Consultant 1 Salaries submitted $66K-$71K 0 open jobs$66K-$71K
Customer Service 1 Salaries submitted $65K-$70K 0 open jobs$65K-$70K
Senior Manager 1 Salaries submitted $192K-$206K 0 open jobs$192K-$206K
7 more rows

Is there a CoINVEST app? ›

Turn your Device into a Point-of-Sale. Rent a P.O.S or use your own device. money by using an IOS/Android compatible mobile device.

What is the difference between carry and CoINVEST? ›

Co-investing is essentially the ability to invest alongside the private equity fund, which can give you direct access to high-quality deals. Carry is the ability to earn part of the profits in a private equity fund. Many firms do not offer their junior members co-invest or carry, so this would be a great sweetener.

Has CoINVEST changed its name? ›

The Construction Industry Long Service Leave Board operated as a government Scheme from 1976 and was renamed as CoINVEST in 1992. The Scheme was privatised in 1997, with CoINVEST Limited named as the Trustee of the Scheme. In 2023 CoINVEST changed its trading name and rebranded as LeavePlus.

How do I use my CoINVEST card? ›

At an ATM: You can withdraw cash at any ATM that displays the Mastercard logo. At a POS terminal: You can use your Coinvest money card to make purchases at any POS terminal that accepts Mastercard. Through the Coinvest app: You can transfer funds to your bank account or another Coinvest account using the Coinvest app.

How do I check my CoINVEST? ›

All members will be able to access their existing profile through the LeavePlus portal at leaveplus.com.au and interact with our services in the same way as before.

What will happen if I deactivate my CoINVEST account? ›

Click the “Deactivate Account” button. This will stop all transactions or payments using your account. You can reactive your account anytime by repeating this process.

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