The NSW Premier, Barry O’Farrell, recently announced further reductions in WorkCover premium rates for 376 classifications for policies commencing from 31 December 2013. These reductions are on top of those that began applying for policies commencing on or after 30 June 2013 and on average are a reduction of a further 5%.
Please note that whilst this reduces the tariff rate, the final premium for many employers is significantly impacted by the past claims costs, hence many will not receive significant reductions, whilst some will still have premium increases.
If WorkCover holds steady on Industry Claims Cost Rates, the impact of claims on premium should reduce, albeit by smaller margins.
Should you have any queries regarding how this will impact your particular circumstances please do not hesitate to contact:
Craig Simpson on 02 8745 2002 firstname.lastname@example.org
Caleb Kleinig on 02 8745 2020 email@example.com
WCD Workers’ Compensation Solutions.