Iemma to cut WorkCover premiums by 5pc

Mr Iemma said the workers compensation scheme has a surplus of more than $800 million. He said the average workers compensation premium will be cut by around five per cent. "This will result in an annual saving of about $110 million for NSW businesses," he said. "The five premium rate reductions in two years amount to a 30 per cent discount, saving NSW businesses $785 million per year." The reductions will apply to policies renewed or started from December 31.
The Government will also increase the benefits paid to injured workers under the scheme as part of reforms to go before parliament. Mr Iemma credited the turnaround in the scheme’s fortunes to reforms begun in 2001, which were pushed past angry trade unions in a bid to deal with what, at the time, was a ballooning deficit. “These further improvements are possible only because of the comprehensive reform program put in place by the NSW Government to make the scheme focus on assisting the injured to recover and return to work,” the Premier said.

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