ABILITY GROUP had been working with a client for about 6 months in implementing strategies to reduce workers compensation related costs and their effort. We were excited to be able to advise our client recently that we had delivered $85,000 of workers compensation related savings for their business.
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Recent changes announced by NSW WorkCover initially suggest further premium reductions for businesses. There are however key changes that could have the opposite effect and result in higher 2014/15 renewal premiums. By reducing Industry Cost of Claims Rate (ICCR) by an expect average of 25%, in some situations it is likely to increase workers compensation premiums as a result. The 2014-15 NSW Budget cuts to WIC Rates by an average of 5% will help offset some of the expected increases and could benefit those with better than industry performance.
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On the 3rd of June, NSW WorkCover announced the latest changes designed to further improve the scheme, effective 30 June 2014. If a business has not had a similar % improvement in claims performance, then they will possibly face significant 2014/15 premium increases. Additional changes relate to maximum premium caps and extended instalment options. We recommend that all medium to large businesses contact their broker or ABILITY GROUP to determine the likely financial impact on their business.
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From 1 July 2014, significant reforms reshaped the Victorian workers’ compensation system. The Workplace Injury Rehabilitation and Compensation (WIRC) Act 2013 came into effect, simplifying Workcover laws and introducing new premium arrangements. These changes aimed to provide greater clarity, fairness, and sustainability for both employers and injured workers.
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In the weeks leading up to yesterday’s federal budget, the Australian media were filled with warnings of drastic measures and changes. So when Joe Hockey started his budget speech last night, including “Our future depends on what we as a nation do today”, few expected to come out a winner. Are the changes beneficial longer term and what does the 2014 budget mean for you and your business?
We have sourced a variety of leading and analysis commentary of the 2014 budget changes and the impacts to individuals, businesses and our country.
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The Australian Government’s 2014–15 Budget introduced reforms that directly impacted the workers’ compensation system. These changes aimed to strengthen fairness, reduce employer costs, and ensure the long?term sustainability of Workcover schemes across the country.
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