The NSW Government has instructed icare to limit the average premium rate increase for NSW workers compensation to 2.9 per cent, ensuring predictability and stability for businesses.
For 2022-23 NSW workers’ compensation renewals, the average premium will rise from 1.44% to 1.48% of wages, consistent with last year and still below the national average. It is expected majority of premiums will therefore increase, adding additional financial pressure for NSW businesses.
Finance Minister Damien Tudehope said a modest premium increase balances business costs with the long-term sustainability of the NSW workers’ compensation scheme
The NSW Government’s decision followed pricing options from icare, the Nominal Insurer covering 330,000 employers.
“Mr Tudehope said the Government is sustaining the NI fund through savings, investment gains, and efficiencies from icare’s new leadership.”
“NSW businesses with strong safety records and return-to-work support will keep earning incentives and discounts”
The icare premium filing will be considered by SIRA in the coming weeks.
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Source: iCare
Title: Premium predictability for NSW businesses
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