Workers’ Insurance

Hawke's Bay Tribune, Volume XVI, Issue 162, 26 June 1926, Page 5

Workers’ Insurance

New Compensation Act SYDNEY SAWMILLERS’ ALARM PROSPFvOTS OF CLOSING DOWN. [By Cable—Press Assn.—Copyright,] (Received 26, 9.45 a.m.) Sydney, June 26. The new Workers’ Compensation Act is viewed with alarm by sawmillers and timber operators generally. There is a probability that the majority will cease operations on Wednesday next, when the Act comes into force, thus causing serious unemployment. The most serious aspect is the liability of millers for teamsters and other bush workers who are contractors, and therefore beyond the millers’ supervision or control. One sawmiller in the district, who employs 22 men anu makes approximately £6OO from the industry, has decided to close down, as he finds that after paying the new insurance premiums, amounting to over £5OO, he will have practically no profits at all. Other millers will be similarly affected. The Retail Traders’ Association has registered its own insurance company with a capital of £lOO,OOO. The manager of the company formed by the Chamber of Manufacturers states that his company has resolved to reduce the disease rate from forty shillings per cent, decided upon by the Underwriters’ Association, to thirty shillings, and will review the position at the end of six months with a view to seeing if a further reduction of rates is possible.