The Workers Compensation Board (WCB) of Prince Edward Island has approved an average assessment rate of $1.99 per $100 of payroll for 2012.  This is a six cent reduction from the 2011 rate, reflecting a downward trend in WCB premiums and the lowest average assessment rate in over a decade.

WCB rates are set to ensure that there are sufficient funds to meet the needs of injured workers with wage loss replacement, medical benefits and return to work programs, as well as proactive investment in injury prevention initiatives.

The 2012 rate reduction is a result of a combination of factors.  Although there were modest increases in health care and overall claims costs, the WCB experienced a strong investment year and assessable payroll increased.  The $1.99 average assessment rate is less than originally anticipated in part due to a streamlining in the WCB’s administrative budget.  Most importantly, the rate reduction reflects significant progress for Prince Edward Island in building a culture of workplace safety, with no increases in either injury frequency or average claim duration.

“This is great news for Island employers. Not only does it reflect an overall reduction in WCB costs, when so many other expenses are on the rise,” said Sharon Cameron, WCB Chief Executive Officer, “but it is a tangible reward for continued investment in injury prevention and return to work efforts, the real drivers of assessment rates.”

While most employer rates will either decrease or remain stable in 2012, some employers will face an increase as a result of their history of claims and the risk of injury in their industries.  The WCB will continue to work with all Island employers to reduce the impact and frequency of workplace injury, and particularly with those industries whose rates indicate the greatest opportunity to improve safety performance. 

“The best way to achieve lower WCB rates is to prevent injuries from happening, and to continue to work to reduce the impacts of workplace injury through timely and safe return to work programs,” said Cameron. “Workplace safety is a collaborative effort and one which benefits us all – employers, workers and everyone who has an interest in having their loved ones return home safely from work each day.”

Island employers will be advised of their individual assessment rates in January 2012. For more information about WCB rates and ways to reduce costs through injury prevention and return to work programs, contact the WCB Office at 902-368-5680 or 1-800-237-5049 (toll free in Atlantic Canada).

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