You will have received your 2016/17 Victorian WorkCover Premium Renewal in the last few months.
This is a reminder to ensure that:
- Your Annual Premium payment must be received by 1 October 2016 in order to receive a 3% discount;
- Your first monthly or quarterly premium instalment must be paid by 1 October 2016 if you are not electing to pay in full with a discount;
- Your 2015/16 Declaration of Rateable Remuneration must be submitted by 30 October 2016. You can submit your Declaration online via the following link: https://www4.worksafe.vic.gov.au/iam/login.do
If you have received an accepted WorkCover Claim from a worker in the last few years and in particular during the period 1 January 2013 to 30 June 2013 then the following would be of interest to you as it may impact your 2017/18 premium rate significantly.
Within the WorkCover Premium Renewal’s from 2014/15 to 2016/17 the employer premium rate was based on preceding 2.5 years of claims experience. WorkCover has advised that the 2017/18 Premium Renewal rate will be based on 3 years of claims experience. This change could harshly impact employers financially where they experienced a significant claim in the period 1 January 2013 to 30 June 2013. Using the previous 2.5 year experience period claims received in this 6 month period would not impact premium rates moving forward. This change will mean that claims reported in this period will again impact next year’s WorkCover premium rate.
I hope you have found this update informative.
Please contact your WorkCover Agent or ReWork Consultant on 1300 471 234 should you have any queries.