Friday, October 22, 2021

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WORKERS' COMPENSATION MARKET UPDATE: Q1 FY22

By Sharon Rutherford - Head of Risk Consulting

KEY TAKEAWAYS FROM FY22: Q1?

Employers are reminded of the Victorian changes around primary psychological injuries that came into force on July 1, 2021.  These changes help eligible workers and volunteers receive treatment for work-related mental injuries. Employers are required to report these injuries within three business days. More information about the provisional payments is available via WorkSafe Victoria.

Employer actual wage remunerations are now due and should already be closed for the FY21 policy period. Penalties can apply where wages are not declared.

KEY MILESTONES / CONSIDERATIONS FOR CLIENTS FOR THE NEW QUARTER (FY22-Q2):

WorkCover WA has announced significant changes to the Workers Compensation and Injury Management Act 1981. The Bill proposes recommendations by Workcover WA in its 2014 Review of the Workers’ Compensation and Injury Management Act 1981: Final Report. The proposed changes have the potential to alter the way workers’ compensation claims are managed and resolved, in addition to increased costs and burdens on employers in WA.  

A copy of the draft Bill, along with an explanation of key materials and details about making a submission, is available via WorkCover WA. Honan’s Workplace Risk team is committed to keeping you updated on the impacts to businesses and employees as this situation evolves - please reach out at any time with further queries.  

ANY INDUSTRY TRENDS YOU CAN SEE ARISING IN  OVER THE REMAINDER OF FY22?

The National Return to Work Strategy 2020 – 2030 (the Strategy) drives national action to improve return to work outcomes for Australian employees with a work-related injury or illness. Under the Strategy, Safe Work Australia and Griffith University have produced two reports examining the psychological response to injury among support workers, and the stigma injured or ill employees experience in the workplace. Crucially, both reports provide recommendations around supporting employees and facilitating a successful return to work.  

While the onus of responsibility remains on employers to manage their risk exposures, organisations’ Leadership Teams and WHS Systems alongside wider cultural forces are enhancing awareness about safe work environments and reducing stigma associated with workplace injuries.

Market Update: Q1 FY22

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LATEST NEWS

Honan Insurance Group Pty Ltd is now fully owned by Marsh Pty Ltd. To find out more, speak to your broker or read the announcement

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