Described as landmark changes for injured workers, several reforms commenced on the 16 October 2015. These reforms are to benefit injured workers with the highest needs, those with injuries in returning to work and most importantly apply these benefits equitably for all injured workers. Changes are also being made to weekly benefits, Independent Medical Examinations (IME’s) and retiring age. We explain these changes in more below. (more…)
The Minister of Finance, Dominic Perrottet, & the NSW Government have been driving reform to make it easier and cheaper to do business in NSW. Reforms have been diverse with workers compensation a beneficiary. As previously covered, workers compensation reforms are designed to reward the good and penalise the poor performers. Despite suggestions most businesses would pay lower premiums, the insurers have advised us that approximately 75% of medium to large NSW business will see increased 2015/16 Renewal premiums.
October is Australia’s Work Safety Month and the theme of “Be Safe. Be Healthy. Because…” is something we here at ABILITY GROUP are passionate about. What is also important about workplace safety is the consequences injuries have to workers. Depending on the seriousness of the injury, or in the tragic situations of a workplace fatality, government bodies can issue businesses material fines to complement the other effects.
The majority of medium to large NSW businesses are yet to receive their 2015/16 Premium Renewals calculated under the new formula. These business are yet to therefore see the impacts the 30 June 2015 NSW scheme changes will have on their business. With the workers compensation insurers currently anticipating to commence releasing the 2015/16 premium renewals next week, we are recommending businesses should prepare for this transition.
In the short term, many businesses will be facing higher workers compensation premiums than they previously paid. We recommend businesses subsequently should shift their focus to understanding how to minimise the financial and people impacts of these changes longer term. ABILITY GROUP has been busy working with clients and brokers in preparation and for a transition plan and further information
Actively promoting workplace safety is an important ABILITY GROUP function. At times we unfortunately need to manage tragic consequences of workplace accidents. Businesses that adopt a safety first approach are making an important step towards avoiding accidents and injuries. A court recently found a leading Australian paper manufacturer liable for the death of an employee fining them $400,000. (more…)