The Workers Compensation Board (WCB) of Prince Edward Island has approved an average assessment rate of $1.97 per $100 of payroll for 2013.  This is a two cent reduction from the 2012 rate, and a continuation of the downward trend in WCB premiums since 2004. 

WCB rates are set to ensure sufficient funds are available to cover the past, present and future costs of workplace injury claims, and to secure the sustainability of the provincial compensation and workplace safety systems.

The reduction in the 2013 rate, which is an average across the system, is possible because of the WCB’s stable funded financial position. The WCB’s funding and rate setting policies are designed to protect Island employers from extreme rate fluctuations that could result from volatility in the investment markets.

 “The Workers Compensation Board is committed to delivering quality workplace safety and compensation services to Islanders, and to providing value for employer assessment dollars” said Nancy Guptill, Workers Compensation Board Chair.  “We look forward to continued collaboration with our stakeholders to further reduce rates through a renewed focus on injury prevention and return to work.”

Island employers will be advised of their individual assessment rates in January 2013, which are based on the claims cost experience 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 Employers section of the WCB website or contact the WCB Office at 902-368-5680 or 1-800-237-5049 (toll free in Atlantic Canada).