NSW WorkCover premiums unchanged
Workers compensation scheme reforms have stopped NSW employers being faced with a 28 percent increase in their insurance premiums, states WorkCover Advisory Board Chairman Michael Carapiet.
Mr Carapiet said the WorkCover Board had met this week and decided the target premium collection rate will remain at 1.68 percent.
“This scheme has a deficit of more than $4bn and needed to improve the support and services for injured workers it was set up to care for and protect,” he said. “The NSW Government has acted by gazetting a regulation ensuring that the existing premium rates will stay the same. This means that employers who have not had major change in their business, for example growth in wages or expansion into new industries or poor claims experience, will not experience an increase in their worker’s compensation premiums in from 1 July 2012.
“WorkCover reforms enacted by Parliament last week mean increases to premiums are no longer necessary and can remain at their current level. Had these reforms not happened, employers were facing premium hikes of 28 percent, which according to figures previously released by the NSW Business Chamber had the potential to see the loss of more than 12,000 jobs.
NSW CCF ceo David Castlediine discusses this topic in more detail in this month’s issue of The Earthmover & Civil Contractor.
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