Legislative Developments - October 2020
- Newsletter Article
- Published 12.10.2020
Indexation of the PIAWE rate
Weekly payments of compensation are calculated using a formula that includes an injured worker’s pre-injury average weekly earnings (PIAWE).
The rate for the PIAWE is adjusted twice a year to reflect changes in the Australian Bureau of Statistics Consumer Price Index (CPI).
The latest CPI adjustment was published on 25 September 2020 and applies to weekly payments from 1 October 2020. Insurers will use the adjusted rate of each worker’s PIAWE when calculating their weekly compensation.
The next CPI adjustment to PIAWE will be on 1 April 2021.
SIRA’s latest Workers Compensation Benefits Guide
The latest Workers Compensation Benefits Guide was published by SIRA on 1 October 2020.
The Benefits Guide contains updated rates including:
- the maximum amount of weekly compensation payable;
- the minimum amount payable to workers with highest needs; and
- amounts payable for permanent impairment compensation, death benefits and medical benefits.
We have updated TurksLegal’s Online Guide to Workers Compensation in NSW for Insurers and Employers to reflect these changes. Access our invaluable Guide here.