Reduced WCB rates for Island Employers in 2016
For the sixth consecutive year, the Workers Compensation Board (WCB) has reduced the average assessment rate for employers, a continuation of the decade-long downward trend. The average assessment rate for 2016 will be $1.77 per $100 of payroll which is a two cent decrease from the 2015 rate.
The key drivers of assessment rates are the costs of workplace injuries. Reduced rates demonstrate a positive trend in safety performance for the majority of Island workplaces.
“Improved safety efforts and an awareness of workplace safety benefits everyone,” said Stuart Affleck, Workers Compensation Board Chair. “We applaud these efforts and look forward to ongoing collaboration with Island workplaces to improve the culture of workplace safety.”
The provincial workers compensation system is funded entirely by employer assessments, or premiums. Every year, the WCB determines the revenue required from Island employers to cover the costs of past, present and future workplace injuries. As a result of the WCB’s positive investment returns and stable financial position, the WCB was able to provide an additional cost savings to employers.
“We are pleased to offer another reduction in rates to Island Employers,” added Affleck. “The WCB will continue to find ways to protect the Island’s labour force and business community, through effective programs, services and workplace safety initiatives.”
All Island employers will be advised of their individual assessment rates in December 2015, which are based on the costs of claims and the risks of workplace injury in their industries.
For more information about WCB rates and ways to reduce costs through injury prevention and return to work programs, visit the WCB website at www.wcb.pe.ca or contact us.
Click here for 2016 Assessment Rates for each rate group.
Laura Steeves, Senior Communications Coordinator
902-894-0362 or firstname.lastname@example.org