My base premium (WIC) rate is capped at 15 percent – will it increase next year?
If your industry continues to have poor claims experience, your base premium rate will increase in 2005/06. The 15 percent maximum cap on base premium rates introduced with the WorkCover Industry Classification (WIC) System in 2001/02 will be withdrawn in 2005/06. This will assist the worst-performing industries transition to their true risk rate and reduce the level of cross-subsidisation provided by the rest of employers in NSW.
Also, the rate of change in your WIC from year to year is capped at 15 percent, until your industry reaches their true industry rate.