Arena Analytics

Recruitment Industry WorkeCover Premiums increasing

Last week, WorkSafe Victoria released the industry rates for the 2018/19 financial year. This year, like the last few years, the average premium rate across the state has remained at 1.272%. And this year, like the last few years, the industry rate for the recruitment and labour hire industries has increased.

Recruitment Industry Rates

Up and Up and Up

This is the third year running that the industry rate for the recruitment and labour hire industry has gone up. At 2.132%, the rate is now about 50% higher than it was in 2015/16, and on par with industries such as Organic Chemical Manufacturing and Synthetic Rubber Manufacturing.

Keep in mind, this industry rate applies to predominantly office-based work, and doesn’t include, for example, the workplaces that labour hire organisations on-hire their workers to.

Other administration-based industries have much lower industry rates. Office Administrative Services will have an industry rate of 0.75%, about a third of that of recruitment and labour hire. Corporate head offices will be about half of that again, at 0.379%.

What does this mean for you and your premiums?

Usually, an increase in the industry rate means an increase in premiums. Not always, but usually. Your organisation’s performance will of course have a bearing.

If you’d like to know how the new industry rates will affect you, and more importantly, what you can do about it, get in touch.

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