- / Blog
- / COVID-19 – Potential Savings on WorkCover Premiums in the event of Employer Staffing Reductions
COVID-19 – Potential Savings on WorkCover Premiums in the event of Employer Staffing Reductions
Your annual 2019/20 WorkCover premium was calculated by multiplying your estimate of remuneration by your premium rate.
Many businesses are unfortunately in the unexpected situation of reducing the remuneration that they budgeted to pay their workers this year. As a result, these businesses can reasonably foresee that the actual remuneration that they will pay their workers in 2019/20 will be materially less than the figure that they estimated earlier in the financial year.
Where this is the case rather than waiting until year end, employers can request an amendment in their 2019/20 remuneration estimate. Any resultant annual premium reduction will cause future 2019/20 premium installments to be reduced or removed entirely in value or if you paid your premium in full upfront a refundable premium credit might result.
This might be a practical way to reduce your WorkCover premium liabilities over the next few months.
If you believe that your 2019/20 actual remuneration will be materially lower than estimated and you would like our assistance in reducing your 2019/20 premium liability, please contact us on 1300 471 234 or email@example.com.
Information on this document does not take into account the objectives, financial situation or needs of any person. Before making a decision in relation to any insurance product you should consider whether it is appropriate to your objectives, financial situation or needs.