WorkSafe Victoria - Industry rates and key dates for 2022/2023

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Appointing myWorkCover to manage your policy is the simplest way to renew and declare your wages. We will make certain that your business classification is correct and that you pay the appropriate premium. By renewing your policy with us, you’ll be able to see any discounts you’re entitled to, compare your claims performance to the industry average, and understand the factors influencing your premium calculation (such as wages or industry rate).

WorkCover Premiums Order no.30 | industry rates | important dates for premium payments | discounts |renewing your coverage.

Want to know How WorkCover Claims Impacts Your Premium?

Read the full article here - How WorkCover Claims Impacting Your Premium | LinkedIn

The average premium rate for 2022/23 is 1.272% of the state's rateable remuneration.

Claims Statement available online - 11 May 2022

Employers who reported claims between 1 January 2019 and 31 December 2021 will be able to access a WorkCover Insurance Claims Statement through Worksafe's Online Employer Services beginning 11 May 2021. This statement is issued only once a year and is used to calculate the premium for the fiscal year 2022-23.

Certificate of Currency

Certificates for 2022-23 will be available on June 8, 2022. Sign up for email delivery through WorkSafe's Online Employer Services (OES)?to receive a Certificate of Currency each year. If you are having problems, please contact myWorkcover; we are here to help.

Buying out your excess

Employers have until 1?August?2022, to exercise their excess buy-out option. Want to know what a buyout option is? Click here for more information.

Updating your premium

Employers can review or update their 2022–23 Estimate of Rateable Remuneration. Renewal notifications will include submissions received before June 30, 2022.

To avoid the underestimation penalty, WorkSafe recommends that employers review their remuneration again in March 2023 and submit the estimate by the end of April 2023. If you need assistance, please contact myWorkCover. More information on penalties can be found here.

Premium Renewal Notices

Employers will be able to access their 2022–23 Premium Renewal notifications online beginning 7 July 2022, through WorkSafe's Online Employer Services. If you require assistance with the renewal process, please contact myWorkCover and we will ensure that you pay the correct premium.

2022–23 Premium due dates

• 5% discount due date – 15 August 2022
• 3% discount due date – 1 October 2022
• First premium instalment (for monthly or quarterly plans) – 1 October 2022
• Annual premium due date (without discount) – 1 October 2022

Dates for certifying your 2021-22 remuneration

The due date for certifying remuneration is stated in an employer’s renewal pack.

• 28 October 2022 (for large employers)
• 24 March 2023 (for small employers)

Other key dates and parameters for WorkSafe insurance premiums in the 2022-23 Premiums Order

• Claims Reporting Period – 1 January 2019 to 31 December 2021
• Remuneration Experience Period – 1 July 2018 – 30 June 2021
• Minimum premium – $227 ($249.70 including GST)
• Maximum claims cost for an individual claim – $438,300
• Maximum legal costs for an individual claim – $82,000
• Maximum recovery – for an individual claim allocated to an employer's performance calculation - $438,300

Disclaimer:

The information provided is strictly for information only. The information provided should not be relied on for any purpose other than to assist you to understand how Workers’ Compensation insurance work. It is for illustrative purposes only and myWorkCover Solutions does not accept liability for any loss or damage suffered by any person resulting in any way from the use of or reliance on, the information provided.

This publication may contain information that relates to the regulation of Workers’ Compensation insurance in your State or Territory.?To ensure you comply with your legal obligations, we would recommend you refer to the appropriate legislation as currently in force in the State or Territory you conduct your business. You can find up-to-date legislation by visiting each state’s WorkCover Authority website, alternatively contact myWorkCover for updated information.