Average premium rate dropped to 1.70%
South Australian employers will receive a reduction in their insurance premium paid to provide cover for work related accidents and injuries in 2018/19.
The ReturnToWorkSA Board has set the average premium rate to 1.70% (plus WHS fee) for 2018/19. This rate is 5.5% lower than last year and now the lowest in the scheme’s history.
This will mean a saving of $28m for South Australia’s premium paying employers in the coming financial year.
The new premium rate comes in to effect in July 2018 and is vastly lower than the average premium rates of 2.75% paid under the old scheme.
Chairman Joanne Denley said the new Return to Work scheme has returned positive results that are directly benefiting both employers and people injured at work.
“We are hearing many positive stories from our customers about the service and support they are receiving under the new scheme.
“This feedback, coupled with the Scheme results, are telling us that our new approach is working. The improvement to the South Australian Scheme is a great achievement and we continue pursuing service excellence to drive even better experiences with improved health outcomes for South Australians injured at work.
“With return to work rates being at their highest level ever, and the Scheme being fully funded for the last couple of years, this is a great opportunity to put money back in employers’ hands making it more affordable to run a business in South Australia” said Ms Denley.