THE GOVERNMENT HOPES that businesses will be boosted by a 30 per cent cut to the fees charged by the Personal Injuries Assessment Board (PIAB).
The reduction from €850 to €600 will apply immediately to the fee charged by respondents to personal injury claims with the €45 fee that claimants must pay remaining at €45.
The move is part of a drive by the government to reduce the fees imposed on businesses and comes under the Action Plan for Jobs, the government scheme to boost employment.
The PIAB or InjuriesBoard.ie assesses personal injury claims without the need for a court appearance, reducing time and cost.
Awards are made at the same level as those in the courts but costs for processing are estimated to be 90 per cent lower and it can take over two less years than it would in the courts.
The board has been in operation for the last nine years and is estimated to have reduced the cost of assessing and delivering claims by over €600 million.
InjuriesBoard.ie believes that the new rates will cut costs by about €3 million annually as it make claims for victims of workplace, motor and public liability accidents much more affordable for businesses and consumers.
It adds that this will not impact on awards to claimants.