The lovely people at ICARE has proposed an increase in the premium rate from 1.4% of wages to 1.44% of wages for the 2021-22 policy year.
This will result in an average of 2.9% increase across the scheme.
The proposal has been put to the State Insurance Regulatory Authority (SIRA) as part of icare’s annual review of the premium model.
In making this recommendation icare has considered the future risks to the scheme, including volatile investment
markets and the ongoing impact of COVID-19.
ICARE have recognised the current pressures on NSW businesses and the need for long-term scheme sustainability,
icare is proposing a 2.9% premium increase each year over the next two years.
The two-year approach to premiums aims to reduce volatility for NSW businesses as they recover.
from the impacts of COVID-19, helping them better plan for the future.
Our thoughts in respect to this matter are once again, as soon as an Employer starts to see a relief or continued benefit,
they are penalised by Premium Increases. Just as businesses across NSW are struggling in the current economic crisis an increase in
premiums is the last thing that is needed.
We envisiage that the industry rates (WIC) being increased, or one of the hidden charges could be increased.
Even the ESI (Employer Safety Incentive) could be reduced. We will need to wait for more information on this and this could impact your business.
Naturally that’s where the role of Workers Comp Savings will be ever more crucial in order to help manage the costs of each claim on your premium. Rest assured the team at Workers Comp Savings will continually pro actively manage your workplace injuries
and also provide premium scenarios.
Partnering with our clients to drive an early and sustainable return to work for injured employees, Workers Comp Savings has your backs in the ever changing world of Workers Compensation in NSW.
Please feel free to contact Kyle, Daryl or Adrian regarding this change.
