Finsura’s Review of the 2015 N.S.W Workers Compensation Reforms

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Following on from the success of the reforms introduced for small businesses in 2013, WorkCover NSW has introduced changes to workers compensation premiums for medium and large employers, effective 30 June 2015. These reforms will affect medium and large employers that have a basic tariff premium (BTP) greater than $30,000 and their premium is calculated using experience from previous wages and claims history.

The expected outcomes from the reforms are to: • Deliver easy to understand premiums – employers can see more easily how they can influence their premiums by providing safer workplaces. • Improve outcomes for injured workers – incentives for employers who manage workers through recovery at work. • Provide safer workplaces – incentives to promote workplace safety and rewards for maintaining safe workplaces. • Reduce red tape – WorkCover will assess and set the risk of employers’ policies at the renewal of the policy and premiums will be adjusted for final wages at its conclusion. • Deliver sustainability and certainty – new minimum and maximum limits will provide more certainty when forecasting, while a scheme performance adjustment will also be introduced. What does this mean for you? • 10% discount upfront on your policy renewal to assist with proactive implementation of safety systems and early intervention. • The cost of claims will only be impacted by paid weekly wages, therefore placing a priority on maintained RTW programs.

Here are some ideas on suitable roles that can be offered to injured workers to help manage them back to work:

SUITABLE EMPLOYMENT
Is Suitable employment available Y/N Yes
Suitable employment role Aim for the role to have the capacity to have regular postural changes and stretch breaks,
Description of suitable employment (describe the tasks and include the physical requirements) Administration duties that are self-paced and can be done seated or standingAnswering phones

Computer work

Filing

Photocopying

Shredding

Packing – within any weight restrictions

RTW Hours/Days (should reflect current medical certificate) 7.6 hours / 38 hour week
  • Workers that have no intention of returning to work must be managed with the highest priority, as the long-term impact can be very substantial to your premium. For employers who have workers return to work within the timeframes below and maintain their normal duties for 3 months will be offered the following discounts on their claim:

–       0-13weeks         15%

–       13-26weeks       10%

–       26-52weeks       5%

  • Adjustment Estimates will no longer occur after the new changes come into play. Three years of claims cost (wages and WPI) will impact on your renewal. Therefore, each year you will only have to complete one piece of documentation. • Safety rewards and incentives for businesses that maintain safe workplaces.

The team at Finsura can assist in navigating the changes ahead.  Please contact Nick or Steve on 02 98992999 for a free review on how these changes will impact your business.

By |July 24th, 2015|Latest News|0 Comments

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