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Vic WorkCover Update

  • Emma Tyler
  • June 25, 2024

It’s that time of the year again. The yearly Vic WorkCover premium renewal cycle is about to commence, and this is the information you need to know.

WorkSafe Victoria has now gazetted industry rates and industry claims cost rates for the 24-25 financial year.
The overall Scheme average 2024/25 industry rate will remain unchanged at 1.8%. As such businesses should not experience the significant premium rate increases endured 12 months ago.

1. Certificate of Currency

If there is no outstanding premium to pay on a WorkCover policy account, you can now obtain a 2024/25 Certificate of Currency. Just type “WorkCover Certificate of Currency” into google, click on the WorkSafe link, enter the Employer Number / Policy Number and businesses postal address postcode and you’re in!
Otherwise just use this link: https://www4.worksafe.vic.gov.au/coc/policyRequest.do

If a statement appears directing you to contact your WorkCover Agent (rather than displaying the COC) it is usually the case that premiums are in arrears and as such a COC will not be automatically provided.

2. Businesses should be getting ready for their WorkCover 2024/25 premium renewal

In the second week of July, Victoria employers will receive their 2024/25 WorkCover insurance renewal paperwork in the mail or via email. ReWork would like to update you about some key information that affects your premium calculations and the deadline to take up the premium discount offers.

Policy renewal is scheduled to commence on 30 June, and any remuneration updates received via WorkSafes Online Employer Services (OES) portal by this date will be reflected in your renewal premium calculation. Otherwise, renewal premium will be calculated based the 2023/24 remuneration estimate, indexed by 4.75%. This 2024/25 remuneration estimate can be later updated and amended by entering the new remuneration estimate in the OES portal or by returning to your Agent the remuneration declaration portion of the renewal premium notice.

If you have had recent claims please note, the experience rating period 1 January 2021 to 31 December 2023 will be used in calculating your 2024/25 premium rate. Please note that only weekly payments paid will be used for the most recent 12 months’ claims experience. Other 2023 payments made on individual claims and estimates of future claims costs (statistical case estimates) will be excluded.

The maximum cost of any individual claim that will be included in your premium calculation is $479,00. (This amount is indexed each year, and is an increase from last year’s $450,500)

3. Actual Remuneration Declaration 2023/24

Businesses that certified 2022/23 remuneration of more than $200,000 will have until 18 October 2024 to certify their 2023/24 actual remuneration. All other businesses will have until March 2025.

4. Paying Upfront – Premium Discount Options

Businesses have a range of options in which to pay their 2024/25 premium – pay early to obtain a discount or opt for more time to pay.

To obtain a 5% discount on your premium, pay the full amount (the annual payment as listed on your invoice) by 19 August.

For a 3% discount, pay the full amount (the annual payment due as listed on your invoice) by 1 October.

5. WorkCover Online Employer Services Portal

The WorkSafe OES portal is available using the link below should you wish to submit:

– any changes to your 2024/25 estimate of remuneration, or

– certify your actual 2023/24 remuneration, or

– obtain a statement of the claims impacting your 2024/25 premium rate.

Login | WorkSafe Victoria

Please do not hesitate to contact ReWork on 1300 471 234 should you require assistance in managing any workplace injury and claim or if you would like us to provide a free premium health check.

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