The average premium rate for 2024-25 will remain at 1.8%.
The average premium rate is a general figure only. If you are an employer your actual premium rate will vary based on your industry, size and workers compensation claims history.
Premium rates for 2024-25 will be effective from 1 July 2024.
If you are an employer, your premium renewal notice will be available via the Online Employers Services (OES) from 11 July 2024. All mailed notices will be received after this date.
No. The average premium rate will remain at 1.8% for 2024/25. If you are an employer, it’s important to know that your individual premium payable will vary based on your remuneration, industry rate, size and workers compensation claims history.
For more information about other changes to WorkCover visit our website.
WorkCover insurance is compulsory if you employ one or more workers in Victoria and pay, or expect to pay, more than $7,500 in remuneration in a financial year or if you engage apprentices or trainees.
The best way to ensure you pay the lowest premium is to operate a safe and healthy workplace to prevent injuries from occurring. However, if injury or illness does occur, focussing on achieving a prompt and sustainable return to work outcome will assist in keeping premiums down.
You can also pay your premium early to receive either a 3% or 5% discount by certain dates.
A number of payment options are available for businesses whose premiums are over $1000. These are detailed on your premium renewal notice. Depending on your premium amount, you may be able to pay monthly, quarterly or annually.
More information about WorkCover premiums can be found in the Insurance area of the WorkSafe Victoria website. If you are an employer, your WorkCover agent can also help answer questions about your individual premium.
