Businesses with Workers Compensation insurance must declare the amount of wages they actually paid within the policy year. Businesses must submit their Actual Wage Declaration at the end of their workers compensation insurance policy period. Your Adjustment Premium will be recalculated to help ensure each business pays the correct premium and contributes equitably to the scheme. Our Declaring wages guide & support can help make this process easier.
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icare confirmed today that NSW workers compensation premiums will increase by the maximum allowed. This represents an average of 8% as previously communicated. Businesses already facing higher costs will be required to manage workplace injuries, workers compensation claims and related matters much more closely or face significantly higher premiums in subsequent years.
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A multifaceted approach is required for Workers Compensation Premium Reduction Strategies to be effective in reducing workers’ compensation premiums. Each Australian State/Territory has different legislation and premium formulae however the overarching approach remains the same – organisations must focus on improving workplace safety, reducing the risk of injuries and effectively managing claims. We identify and explore 10 Workers Compensation Premium Reduction Strategies organisations can utilise to help reduce workers compensation premiums.
As the end of the year draws closer businesses often have workplace celebrations or parties. Christmas parties, or any business social functions for that matter, can quickly turn from celebration to litigation if not managed carefully.
Across Australia, workers compensation premiums are increasing. In NSW, icare communicated premium increases with an average of 8% over the next 3 years. In Victoria, WorkCover has set the average premium rate for 2023/24 at 1.8%. ReturnToWork SA has increased the average premium rate by 2.8% to 1.85%. With increasing costs & wages, workers compensation premiums will continue to increase, meaning it will be increasingly important for businesses to actively manage workplace injuries, claims & worker compensation-related aspects.
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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.
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