Don’t let soaring premiums and reduced profit margins become your business’s downfall. Act now to protect your bottom line.
1. WEEKLY INSIGHT
Shockwave Through Australia: 20% Spike in Workers’ Compensation Claims
- Serious claims reported: 139,000.
- Incidence rate: 10.7 serious claims per 1,000 workers.
- Frequency rate: 6.6 serious claims per 1,000,000 hours worked.
- Median compensation paid: $14,400.
- Median time lost due to injury: 7.2 weeks.
- A 15% rise in the average length of claims.
2. HR/IR & LEADERSHIP
THE FINANCIAL IMPACT Note. Insurers increase premiums for all businesses when the pool’s claims costs rise, not just those with poor safety records or claims history.
- A 46% increase in workers’ compensation premium costs for businesses (Source: WorkSafe Victoria). Claims costs rose from $3.9 to $4.4 billion from 2022 to 2023.
- The minimum premium rose from $175->$225 for the 2024/25 renewal year.
- Workers’ comp insurance premium rates rise by 8% for the 2024/25 FY.
3. MARVINHR
Your HR Partners – marvinHR – Don’t let compliance headaches hold your business back. Partner with us for peace of mind and a well-managed workforce. Let our experts handle:
- Sexual harassment prevention: Employers are required to actively prevent workplace sexual harassment and misconduct.
- Domestic violence leave: Businesses must provide 10 days of paid leave for employees affected by domestic and family violence.
- WHS compliance: Updates include tougher penalties for safety offences and the new category of industrial manslaughter.
4. WEEKLY TOP READS
