The NSW Government has cut the average WorkCover premium by 7.5% under the reform of its workers’ compensation program begun last year.

There will be incentives for employers who pay the premium in full at renewal and for those who get injured employees back to work quickly.

GIO says owners of businesses will benefit from simplified processes and reduced premium volatility.

GIO Chief of Workers’ Compensation Portfolio Jason Allison says employers who pay less than $30,000 in workers’ compensation premium will be exempt from having their claims experience affect their premium. The threshold was formerly $10,000.

This means 95% of employers will no longer have to be concerned about the impact of previous claims costs, he said.

Employers will also no longer be required, prior to renewal, to complete wage estimate declarations as their renewal premium will be pre-set, simplifying the process.

The premium cut will apply to 364 industries that have demonstrated improved safety and claims experience, with 15% reductions to industries including house construction, cotton production, nursing homes and some mining.

Premier Barry O’Farrell and Finance Minister Greg Pearce say in a statement that no employer will receive a rate increase in 2013 and 167,000 employers will see a reduction from June 30. The current NSW average rate is 1.68% of wages.

The Government has also introduced a return to work incentive for people injured in the workplace who return to work within 13 weeks.

Small business employers will get a 10% safety incentive premium discount at each renewal.