FURTHER PREMIUM RATE REDUCTIONS ON THE WAY FOR
BUSINESSES IN THE TAMWORTH ELECTORATE
Member for Tamworth Kevin Anderson has today welcomed further reductions to NSW WorkCover premiums as part of the commitment by the NSW Liberals & Nationals Government to make the workers compensation scheme fairer and more sustainable.
Mr Anderson said around 3900 businesses in the Tamworth electorate are set to benefit from an average premium rate reduction of 5.31per cent.
“These premium cuts are on top of two rate cuts totalling 13.20 per cent that came in earlier this year for employers in our region.
“With these reductions combined, small businesses in the Tamworth region will have received an average rate reduction of 17.81 per cent during the past 12 months,” Mr Anderson said.
The cuts, announced as part of the State Budget in June, have already returned $334 million to business operators across NSW.
The Government’s actions to fix the Scheme will mean no employer will receive a rate increase in 2014.
“Key reforms designed to provide more support for injured workers who are unable to work, and greater incentives for those workers with the capacity to return to work, coupled with better than expected investment returns have enabled the reductions,”
Mr Anderson said.
“These reforms have allowed return to work rates in NSW to dramatically improve, from three per cent to 88 per cent since the reforms were put in place.
Mr Anderson said the NSW Liberals and Nationals have implemented changes that have helped return the Scheme to a surplus, prevented premium rate rises and saved jobs.
“This is money that can be reinvested into making workplaces safer and creating jobs in our local community,” Mr Anderson said.
Premium rate reductions follow an announcement last week of further enhancements to the Scheme to support injured workers and help them return to work.