The next stage of a union campaign over the management of workers’ compensation premiums in Victoria occurred in late March 2012. Trade unions are angry that the Liberal Government of Premier Ted Baillieu has chosen to remove almost $A500 million from the Victorian Workcover Authority (VWA) fund to be allocated to general revenue. On the steps of Parliament several hundred union members and interested parties were told to “keep their hands off workers’ money”. Some of this hyperbole needs a little analysis.
Several unionists stated that the workers’ compensation fund is “workers’ money”. Yes and no. Yes in that almost revenue created by business comes from labour but when workers’ compensation is required, by law, to be paid to the Workcover Authority by employers, the ownership is a couple of steps away from workers. Also Workcover takes the premiums as an economic base to invest in the hope of increasing the total fund through dividends and other returns. The total fund includes premiums and returns on investment, over which workers have no influence. Continue reading “Union protest is a dry run for Workcover Review and Workers’ Memorial Day”