A multifaceted approach is required for Workers Compensation Premium Reduction Strategies to be effective in reducing workers’ compensation premiums. We outline 10 key strategies to help reduce workers’ compensation premiums.
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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Following months of industry speculation, as many have predicted NSW workers compensation premiums will be increased from 1.4% of wages to 1.44% of total NSW wages in the 2021-22 financial year. With the icare run NSW workers compensation scheme having been in media headlines, this announcement comes as no surprise. So what does it mean for your business?
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Workers Compensation is designed to protect both employees and employers when workplace injuries occur. For businesses, navigating the complexities of claims, premiums, and rehabilitation can be challenging. Miscommunication, inconsistent information, and frequent changes in case managers often add to the confusion.
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NSW workers compensation has seen significant change in the recent years & it is difficult for businesses to stay updated. Under current NSW legislation, there are numerous different incentives that can reduce workers compensation premiums. To make things easy we have summarised each incentive.
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