WorkCover NSW of Australia is leaving workers compensation industry classification rates unchanged for 2011-12, according to information from the Work Cover Authority of NSW.
“For the 13 percent of employers whose premium takes into account their own claims experience, their premium may be affected by their wages and claim costs relative to other employers in the same industry classification,” Hunt said. “Those with a good claims record relative to their industry will benefit from a reduction in their basic tariff premium. Those with a relatively poor claims record would pay more than their basic tariff premium.”
About 85,000 claims are made each year and premiums need to cover ongoing costs and claims payments, possibly over decades.