Australia Proposes to Reduce New South Wales Workers' Compensation Benefits
The Australian government has proposed to drastically revise New South Wales (NSW) workers' compensation benefits claims.
- (1888PressRelease) August 15, 2012 - Sunnyvale, CA - The new legislation, which reduces workers' weekly compensation and medical benefits, is expected to attract more business investments into the region.
Australia Workers Compensation: Proposed Reforms:
* abolish "journey" claims where workers are insured against injuries sustained in case of an accident while travelling to and from work,
*limit medical expenses, reduce weekly payments and cease offering certain employee benefits after a limited period,
*discontinuance of benefits for nervous shock, which was previously extended to families and dependents of workers suffering injury or any other causality like death.
Justifying the proposed legislation which got hostile reception from New South Wales workforce, Australian Government said that the existing provisions may increase work cover (insurance) premiums by 28% affecting NSW businesses where premiums are already higher by 20 to 60 percent compared to Victoria and Queensland.
In another development earlier this year, the Australian Occupational Health & Safety (OHS) law recently underwent a series of changes, violations of which could result in fines of up to $600,000 and/or imprisonment of up to five years for corporate as well as individual executives.
The changes came into effect in January 2012 in New South Wales, Queensland, the Commonwealth, the Australia Capital Territory and the Northern Territory.
For companies expanding into Australia, additional country updates about doing business in Australia can be viewed at Nair & Co. Country News Alerts - Australia.
For more information on this topic email media ( @ ) nair-co dot com
Get the latest press releases and updates on international tax, HR, Finance, compliance and other legal news at Nair & Co. Industry Alerts.
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