From 30 June 2015, the calculations for NSW businesses with a premium > $30,000 change completely. The new key drivers of premium become:
– Wages and business activity
– Claim performance now benchmarked against scheme rather industry
– Return to Work related metrics
The most significant changes in 20+ years were intended to simplify NSW workers compensation, but they are being referred to as complex and confusing. Although various claim costs are no longer premium impacting, some of the more dramatic premium increases will result from how an individual business compares to the overall NSW scheme performance. Businesses that struggle with claims will be penalised.