In January we communicated Upcoming NSW Workers Compensation Changes and how these were likely to impact medium to large NSW businesses. On 18th May 2015, Vivek Bhatia (CEO of WorkCover NSW) confirmed these changes and ABILITY GROUP believe they represent the most dramatic changes in 20+ years. So what are the changes?
From 30 June 2015 onwards, the premium calculation for businesses with a NSW premium > $30,000 (i.e. medium and large businesses) change completely. In short the new premium formula is intended to reward businesses with fewer claims and a strong return to work performance. Businesses however that struggle with claims are expected to be penalised. The sweeping changes also impact what is included in premium claims costs, the view of industry, size, etc.