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Workers compensation insurance
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Last year, WorkCover reduced premium rates to offset the expanded definition of wages. Is this reduction still in place for 2004/05?
Yes. For 2003/04, the average premium was reduced by 10.3 percent to offset the increased amount of wages counted for workers compensation purposes. In 2004/05, any increase or decrease in premium rates is due to the relative performance of the industry’s claims experience.
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