Workers comp premium freeze brings relief for business
The Hunter Business Chamber and Business NSW have welcomed the NSW Government’s decision to freeze workers compensation premiums, which will save businesses across the state more than $300 million.
Employers were increasingly concerned about a proposed 4 per cent increase in workers compensation premiums that would have taken effect from 1 July 2020 and the impact it would have on jobs.
“The NSW Government’s decision to freeze workers compensation premiums is a victory for common sense that will provide some financial respite to businesses suffering due to the COVID-19 crisis,” Hunter Business Chamber CEO Bob Hawes said
“It will help to avoid an additional financial burden on businesses at a time when they are struggling to keep afloat.
“The Chamber and Business NSW have been vocal advocates for reducing the financial burden on business and have strongly opposed any increases in premiums.
“This decision will apply to 350,000 businesses who employ 3.2 million people, avoiding $325 million in additional costs for businesses across the state.
“A recent Business NSW survey found that one in four businesses would have employed fewer employees or reduced employee hours if premiums had increased by the proposed 4 per cent.
“We welcome the NSW Government’s support for business during the COVID-19 crisis, through freezing and reducing a host of costs on business.
“We look forward to ongoing discussions with government on what other steps can be taken to ensure that our business communities get through this pandemic and are ready to scale back up when the time is right.”