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Forum
Started Jan 05 2013, 18:44
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Jan 05 2013, 18:44
• In 2009–10, there were 127 620 serious workers’ compensation claims involving one or more week of time lost from work, a permanent incapacity or fatality. This equates to 12.6 claims for serious injury for every 1000 employees.
• In 2009–10, the total amount paid by workers’ compensation schemes was $7.3 billion. This consisted of:
• $4.06 billion of direct payments (incapacity, permanent impairment and common law) (55.7%)
• $1.63 billion in medical and other services, including rehabilitation (22.4%)
• $1.27 billion of insurance operations costs (17.4%), and
• $332 million of other administrative costs (4.6%).
• Premiums are usually expressed as a percentage of the employer’s payroll. The standardised average Australian premium in 2009–10 was 1.53% of payroll but for an individual employer, premiums can be as high as 12% for certain high risk trades (e.g. logging) or lower than 0.2% for low risk work (e.g. clerical work).
• Self-insurance allows employers to manage their own workers’ compensation liabilities, provided that they can prove they are capable of doing so, by having effective management systems and are financially viable.
ID#43405
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