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Premium Discount Scheme
> What is the Premium Discount Scheme?
> What discounts does it provide?
> What is the PDS process?
> Templates & References
What is the Premium Discount Scheme?
In June 2001 WorkCover NSW introduced a new scheme for employers in New South Wales that gives them the potential for a 30% discount on their workers compensation premiums over a three year period. The purpose of the Premium Discount Scheme (PDS) is to improve the workplace safety and return-to-work strategies of employers in NSW.
All employers in NSW that have a current workers compensation policy with a licensed insurer are eligible to apply for the discount. Employers that are self-insured or have a specialised insurer, are not eligible.
What discounts does it provide?
Employers who choose to participate in the Premium Discount Scheme can receive the following discounts:
- in the first year, up to 15% of their premium, to a maximum discount of $75,000;
- in the second year, up to 10% of their premium, to a maximum discount of $50,000; and
- in the third year, up to 5% of their premium, to a maximum discount of $25,000.
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What is the PDS process?
To receive the discount, you must pass audits of your organisation’s occupational health and safety and injury management systems. There are six benchmarks to achieve the Premium Discount Scheme:
1. Management Responsibility
2. Consultation and Communication
3. Risk Management and Process Control
4. Training, Learning and Skills Development
5. Records and Record Management
6. Injury Management
WorkCover accredits "Premium Discount Advisers" (PDA’s) that have experience and expertise in occupational health, safety and injury management. WorkCover determines their discount rating according to their effectiveness in reducing the claims experience of their clients. The PDA conducts audits of your occupational health and safety and injury management systems. There is a standard auditing tool for each of the four audits required over the three year period.
At the audit, the PDA checks whether you have met the benchmarks to verify your entitlement to the discount. Each audit builds on the previous audit with the final aim that your organisation has a sustainable occupational health, safety and injury management system.
The PDA also monitors the claims performance of their clients to ensure they are improving their injury management strategies and reducing the cost of claims to the WorkCover system.
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Participation in the PDS is targeted at employers with a premium over $25,000 and with a poor claims history. Community care employers may not meet this criteria but the PDS audit may provide a useful tool for those wanting to evaluate their performance. |
The Aged and Community Services Association of NSW & ACT (ACS) and the Australian Nursing Home and Extended Care Association (ACAA) have jointly developed PDS Guidance Material for Facilities. This is a checklist of the accreditation standards compared to the PDS benchmarks. |
It clearly shows the accreditation evidence that will also be acceptable for the PDS. So pull out your accreditation paperwork and find out if you are ready for your first year's discount on your workers compensation premium! |
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