WorkCover WA has announced a 3.9 per cent increase in recommended premium rates for compulsory WA workers’ compensation insurance.
The Acting Chief Executive Officer of WorkCover WA, Chris White, said that the average recommended premium rate would be 1.585 per cent of total wages for 2018/19 up from 1.525 per cent of total wages for 2017/18, representing an overall increase of 3.9 per cent.
“WA average recommended premium rates vary from year to year depending on a number of factors; this small increase continues to ensure the workers’ compensation scheme is fully funded,” he said.
The recommended premium rates were published in a Special Government Gazette and will come into effect from 4pm on 30 June 2018.
This is the first year that recommended premium rates will be based on Australian and New Zealand Industrial Classification (ANZSIC)
2006 classifications. Previously recommended premium rates were based on ANZSIC 1993 classifications.
The change to ANZSIC 2006 does not affect the overall average recommended premium rate although some classes will be impacted.
The recommended premium rates are based on independent advice by the scheme actuary, PricewaterhouseCoopers, and take into account the latest available data provided by insurers, as well as broader economic factors such as movements in interest rates and wages.
The full schedule of recommended premium rates and a copy of the accompanying actuarial report are available via the Rates, Fees & Payments page on the WorkCover WA website.