6.4.1.2 Calculate settlements
To calculate the settlement A lump sum payment that replaces an injured worker's right to ongoing weekly compensation. amount use the following formula using the applicable settlement table:
A x C where
- A is the net weekly compensation rate
- C is the number in Column 3 opposite the number in Column 1 corresponding to the worker’s age in years on their next birthday following the date on which the Agent received the worker’s EOI Expression of Interest.
Note: If the worker is not receiving weekly compensation because of receiving a superannuation or retirement benefit lump sum, the date from which the worker’s next birthday is calculated is the day after the preclusion expires.
Example
A worker who is approaching 40 years of age with a net weekly compensation rate of $500 is calculated this way:
A = 500 and C = 74
$500 x 74 = $37,000
