ABILITY GROUP Saves Newest Client $350,000
We want to share our latest client success story where last Friday we presented to the CEO of our newest client that we have delivered $350,000 (1st year refund in round terms) of workers compensation premium related savings. Our client’s CEO and board are ecstatic, having since signed ABILITY GROUP as their specialist workers compensation partner on a long term service agreement to ensure sustainability of their program.
Small Employer Reforms | Cutting Red Tape
For small employer with premiums between $10,001 & $30,000, Barry O’Farrell announced reforms to provide an opportunity for these businesses to reduce costs and achieve more stable premiums. The reforms include receiving an Employer Safety Incentive (ESI) and Return to Work Incentive (RTWI) based on achieving certain criteria, boosting early payment incentives, removing claims experience impacts and reducing the amount of red tape.
Premium Rate Reductions for Businesses
Announcements made this week also included changes to 346 (or 66% of the market) industry WorkCover Industry Classification (WIC) rates reducing premiums from 30 June 2013 for these businesses. It was also confirmed that no business would receive a rate increase in 2013 which fuelled industry speculation rate increases will follow in 2014 to help cover the previous $4.1B NSW WorkCover scheme deficit.
NSW Workers Compensation Changes
This week NSW Premier Barry O’Farrell and Finance and Services Minister Greg Pearce made announcements regarding important changes to NSW Workers Compensation with reforms targeting reducing cost of doing business in NSW.
Following a series of other NSW legislation changes that took effect at the start of the year, the latest changes were announced on 1 May 2013 and are significant for NSW workers compensation.