The Illawarra Business Chamber has welcomed the NSW Government's decision to freeze workers compensation premiums and provide some financial respite to businesses suffering due to the COVID-19 pandemic.
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The chamber said businesses have been increasingly concerned about a proposed four per cent increase in workers compensation premiums that would have taken effect from July 1, 2020.
Executive director Adam Zarth said that would have had an impact on jobs.
"The NSW Government's decision to freeze workers' compensation premiums is a victory for common sense," he said.
"It will help to avoid an additional financial burden on businesses at a time when they are struggling to keep afloat."
"We have advocated for reducing the financial burden on business and have strongly opposed any hikes in premiums."
"This decision will cover 350,000 businesses who employ 3.2 million people and will avoid $325 million in additional costs for businesses across the state."
"A recent Business NSW survey found that one in four businesses would have employed fewer employees or given fewer hours if premiums had been allowed to increase by the proposed 4 per cent."
"The NSW Government's support for business during the COVID-19 crisis, by freezing and reducing a host of costs on business, has been outstanding."
"We look forward to ongoing discussions with government on what other steps can be taken to ensure that our business communities get through this pandemic intact and that they are ready to go when our lives return to some sort of normality".
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