A confidential note by NSW Treasury has warned that premiums for businesses would need to be 33 per cent higher in 2025 than they were in 2021 to cover a huge shortfall.
Premiums would need to be 33 per cent higher in 2025 than they were in 2021.
The continued deterioration in icare’s finances comes amid revelations last week that icare’s board granted, including chief executive Richard Harding, making him one of the state’s top paid public servants, earning more than $1 million a year. “The system fell apart on Mr [Dominic] Perrottet’s watch,” he said. “If the government is re-elected, as night follows day, they will try to eject even more injured workers from the scheme.”Icare was set up by Perrottet in 2015 when he was Minister for Finance to replace the troubled WorkCover scheme. Thousands of people were cut from payments erasing the deficit.
Icare manages the NSW workers’ compensation scheme, known as the Nominal Insurer, which covers more than 3 million employees for weekly payments and any medical treatments they require if injured at workEmployers are legally required to have a workers’ compensation policy as a safety net for workers. In NSW, most businesses use icare.
“This was done to ensure affordability of premiums for businesses, in the context of current economic challenges,” Treasury said in the note.
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