fbpx

OHS:Poor Investments to Blame for WorkCover Woes

OHS Safety trainingAccountants have determined that half of the $4 billion deficit in the finances of the NSW WorkCover scheme is a result of poor return on investments.

The NSW government has however argued that rorting of the worker’s compensation scheme is a significant cause of the problems plaguing the organisation. A report released by the government included a recommendation for slashing benefits to injured workers in order to reduce the deficit.

Deputy Premier, Andrew Stoner made recent statements calling for the need of WorkCover to be a scheme that is without any loopholes, thus preventing rorts while remaining affordable.

Stoner stated that some cases involve part-time workers who have been receiving worker’s compensation for many years despite questionable claims.

WorkCover’s annual report for 2010-2011 revealed that nine people were prosecuted for defrauding the system.

Michael Playford of PricewaterhouseCoopers actuary, stated that an increase in damages claims can be attributed to an emerging “lump sum culture”.However an evaluation from the very same actuary revealed that 50% of the deficit is due to “external influences impacting investment returns achieved”.

The other half of the deficit is attributed to a deterioration in claims management over the past four years. Finance Minister Greg Pearce believes that the investment returns are probably set to further deteriorate. He added that the efforts to improve systems to compel people to return to work earlier, would require a change in benefits.

More information on Occupational Health and Safety
Source: http://www.smh.com.au/nsw/workcover-woes-blamed-on-poor-investments-and-rorters-20120521-1z1ew.html#ixzz1veNsbCMa

View Training Dates for Your City

Filter By

  • No scheduled courses - please call us to discuss your requirements

Latest OHS news

Ep 33 Tap into Dr Susanne Bahn’s innovative online safety & mental health program

Read more

Ep 32 Special Counsel Jeremy Kennedy explains how new NSW legislation wipes ability to insure

Read more

Ep 31 Sarah-Jane Dunford juggling 3-4 health and safety businesses incl Hunter Safety Awards

Wow Sarah-Jane is dynamic and fast moving. At 40, she's very busy running Riskology Consulting, the Hunter Safety Awards, a new software project as well as the local branch of the Australian Instit...

Read more

Ep 30 Steve McLeod, Fire and Safety Australia / NSCA owner, explains how he did it!

Read more

Testimonials

“In over 20 years of training, this was one of the best courses I’ve ever attended.”

Queensland Rail

“Great! The instructor made it interesting and enjoyable”

Leighton Contractors

” We heard that AlertForce delivers one of the best courses around so the boss decided to send me to Australia from New Zealand.”

Participant Public Course

“I liked the trainer’s positive outlook and uplifting approach towards completing the long day.”

Visionstream

“Very competent training course. Trainer was very knowledgeable on subject.”

Servicestream

“AlertForce provided an excellent trainer,  knowledgeable on the topic and allowed for active questioning.”

DHS

“Informative and concise training delivered at the right pace.”

AFMA.gov.au

“The Trainer was very engaging”

Fair Work Commission

“Interesting, informative, relevant.”

Airservices Australia

Payments & Security

Awards & Accreditations

Make an Enquiry:

Google Rating
4.5
Total Rating 4.5 out of 5 based on 505 reviews