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.
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.
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.
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.
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.
Did you know that new Privacy Laws representing the most significant changes in 25 years came into effect recently? Do you know what this means for you or your clients business?
Important changes to the Privacy Act 1988 commenced on the 12 March 2014 and include a new set of Australian Privacy Principles (APPs) designed to regulate the handling of personal information by Government agencies and some businesses. Want to find out how this might affect your business?
