COMPARISON OF WORKERS' COMPENSATION ARRANGEMENTS

Stage One of the review examined international best practice, with Stage Two focusing on introducing short term

improvements. Stage Three involved a comprehensive review of our premium system, from which a proposed new

model   Fairer, Simpler Premium System   has been developed. 

From the findings of Stage Three, the focus is now on four key areas:

Developing the formula to calculate employers' premiums

Classifying employers appropriately into an industry

Managing the timing and process for the whole premium cycle

Improving the clarity and efficiency of documentation provided to employers.

Expected benefits of the new system:

Fewer injuries

Better return to work outcomes

Fairer and more equitable premiums

Lower costs for employers and the VWA

Approximately $60 million annual savings to the WorkCover scheme within three to four years of full 

implementation.

Heads of Workers' Compensation Authorities  56