Reforms introduced by the NSW Government mean that medium-large employers with a good safety record will save on their workers compensation premiums this year, through a combination of new premium calculations, incentives and discounts.
Jonathan O'Dea MP has welcomed figures showing 213 medium to large businesses in the Davidson electorate will save about $2.5 million in workers compensation premiums compared to last year.
Mr O'Dea said, “Reforms introduced by the NSW Government mean businesses which do the right thing to keep their workers safe will benefit from lower premiums.”
“Businesses in Davidson generally have very good safety records and these premium reductions will free up vital capital that can be reinvested in other parts of the business.”
“The savings mean that premiums for some businesses will be among the lowest in the country. This is a clear signal that it pays to keep your workers safe and to help them return to work when they are injured,” he said.
Minister for Finance, Services and Property, Dominic Perrottet said businesses that do the right thing should be rewarded.
“The NSW Government has created a workers compensation system that is fair, sustainable and person-centred. Our superior financial management means we can reduce the burden on business while better helping injured workers.”
A two year grace period will be extended to help businesses with higher than average claims to improve their safety records. Support will also be provided to help employers identify and fix the causes of workplace accidents.
Businesses will see the changes in their renewal notice, issued in recent weeks. For further information about the reforms to the NSW workers compensation system, visit http://insurancereforms.nsw.gov.au.
