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:
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
Heads of Workers' Compensation Authorities 56