Almost 60 per cent of Victorian businesses will benefit from the $57 million cut to WorkCover premiums now in effect, the state government says.
The reduction in premiums from 1.338 per cent of employers’ remuneration to 1.289 per cent arrived with the new financial year on Sunday.
“This will save three per cent on the average insurance premium rate for Victorian workplace injury insurance and will see premiums reduced by more than 10 per cent for almost 59,000 businesses,” Treasurer Kim Wells said in a statement.
The government came under fire from unions and industry groups in March when it passed laws to take $471 million from WorkCover over four years to help keep its budget in the black.
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