04 Jan Improving NSW WC System
Improving the NSW Workers Compensation Premium System
The NSW Government is committed to working to deliver reductions in workers’ compensation premiums and creating a Scheme that works better for employers and employees.
The reforms aim to make the system simpler and fairer and provide business with greater incentives to improve occupational health and safety, injury management and return to work opportunities.
The next phase of the improvement program will commence on 31 December 2005, including:
· a five per cent reduction in all premium rates
· a reduction in late payment fees
· further changes to make the premium system fairer for business.
These changes will take effect for all policies commencing on or after 31 December 2005.
Five per cent reduction in premium rates
In November 2005, NSW Premier Morris Iemma announced a five per cent reduction in workers’ compensation premium rates across all WorkCover Industry Classifications.
For example:
A medium employer in a regional area of NSW who is experience adjusted for claims and operating a supermarket with wages of $842,500 will have a final premium of $43,033 as a result of the five per cent rate reduction. Before the rate reduction, this employer’s premium would have been $44,970.
A large Sydney-based employer who is experience adjusted for claims and engaged in clothing manufacturing and retailing with total wages of $17m will receive a final premium decrease from $475,700 to $451,560, as a result of the reduction.
Cont……
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