WCB announces another year of reduced rates for Island employers
For the seventh consecutive year, the Workers Compensation Board (WCB) has reduced the average assessment rate for Island employers. The average assessment rate for 2017 will be $1.70 per $100 of payroll which is a seven cent decrease from the 2016 rate.
The key driver of assessment rates continues to be the costs of workplace injuries. Reduced rates demonstrate a positive trend in safety performance for the majority of Island workplaces.
“An awareness of workplace safety and improved safety and return to work efforts are contributing factors to another year of reduced rates for employers,” said Stuart Affleck, Workers Compensation Board Chair. “We commend employers and workers for their continued efforts to making Island workplaces safer for everyone.”
The provincial workers compensation system is funded by employer assessments. 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,” said Luanne Gallant, Workers Compensation Board CEO. “We will continue to find ways to support the Island’s labour force and business community, through effective programs, services and workplace safety initiatives.”
When WCB PEI’s funded position is outside of the Board’s target range of 100-110 per cent, policy directs the board to make adjustments to assessment rates to provide upward or downward adjustments to move closer to the target range. Given the Board’s current strong funded position, there was a downward adjustment applied to the 2017 rate. Every year the funded position is taken into consideration as the Board establishes the average employer assessment rates.
The WCB is in the process of performing a review of the current funding policy to ensure that the policy continues to meets the organization’s objectives.
All Island employers will be advised of their individual assessment rates in December 2016, 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.
For more information on the 2017 Assessment Rates for each rate group, please click here.
Laura Steeves, Senior Communications Coordinator
902-894-0362 or firstname.lastname@example.org