Month: May 2023

Workers Compensation – Premium Rate increases released for NSW & Victoria

NSW – iCare

The premium rates for the Nominal Insurer workers compensation scheme will increase by an average of 8% for the 2023-24 financial year. This means premium rates for 2023-24 will increase from 1.48 per cent of wages to 1.60 per cent of wages.

Key changes for 2023-24:

  • Workers Compensation Industry Classification (WIC) rates increase by an average of 8% (some higher, some lower)
  • Employer Safety Incentive (ESI) evolves into the Safe Employer Reward (SER)
  • Claims Performance Adjustment (CPA) table of rates extended to 600+%
  • 8% increase to Loss Prevention and Recovery (LPR) claims adjustment factors
  • Minor changes to Dust Disease Levy (DDL) (as per SIRA’s instruction)

Every industry has its own inherent level of risk so icare applies a premium rate based on the safety performance of each industry over the last 5 years. For 2023-24, some businesses will see an increase less than the scheme average of 8%, and some will be greater.

For more information and to find out how your New South Wales premium maybe affected by these changes please reach out to your WSIB Account Executive.

Victoria – WorkCover Premium increases 2023/24

Premium rate increases announced by the Victorian government

The Victorian Government this week announced changes affecting the workers compensation scheme which, in summary, include

The average premium rate has increased to 1.8% from 1.272%, effective 1 July 2023

  • Legislative change is planned for eligibility to weekly payments for mental injury claims (stress and burnout) and claims lasting longer than 130 weeks. This is being considered, with legislation due later in 2023 and planned to come into effect in 2024.
  • Establishing Return to Work Victoria to bring a dedicated focus to piloting initiatives designed to improve return to work and prevention outcomes. WorkSafe is currently consulting with key stakeholders about how this will work.

For more information and to find out how your Victorian premium maybe affected by these changes please reach out to your WSIB Account Executive.