Client Alert: Impact of Changes to NSW WorkCover Scheme
Since 30 June 2013, WorkCover NSW has reported average premium rate reductions of 15% across the scheme.
On 3 June 2014, WorkCover NSW announced an additional suite of changes aimed at further improving the scheme and reducing red tape for NSW employers. These changes come into effect for all new or renewed policies from 30 June 2014, via the release of the Insurance Premiums Order (IPO) for 2014/15.
While successive announcements by WorkCover NSW suggest across-the-board premium reductions to the workers compensation scheme in NSW, there are important changes contained in the IPO that might result in the reverse effect.
Further information about the likely impacts is outlined in our Client Alert. Clients are urged to carefully consider the announced changes alongside other factors in assessing how they might be affected.
If you have any further questions, please contact your broker or the Workforce Strategies team at Marsh.