The Workers Compensation Act 1987 (NSW) provides that a worker’s pre-injury average weekly earnings (PIAWE) are indexed on 1 April and 1 October each year. Indexation is a method used to adjust the workers compensation payments of an injured worker so that they keep up with inflation.
With the introduction of section 92A to the Workers Compensation Act 1987 (NSW), a worker’s PIAWE will be adjusted on 1 April and 1 October each year based on the movement in the Consumer Price Index.
The indexation adjustments are applied from 1 April and 1 October of each year according to the latest index number prescribed by the Workers Compensation Regulation 2016 (NSW). As of 1 October 2022, the updated index number is 306.3. This is a 1.02% change to the prior index number.
Following the most recent indexation of 1 October 2022, the maximum weekly compensation amount for the period from 1 October 2023 to 31 March 2024 is $2,423.60.
If you would like to know more about your rights regarding workers compensation, we would be pleased to speak with you to advise you about your options. You can either book an appointment online or call us on (02) 4050 0330 to arrange an obligation-free consultation.