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WorkSafeNB decreases average assessment rate for 2015

October 10, 2014

The average employer’s assessment rate will be reduced by 10 cents from $1.21 in 2014 to $1.11 in 2015 per $100 of payroll. The rates, effective January 1, 2015, represent an 8% reduction.

“Our fully-funded position and stabilized claim costs were the major factors in our decision to decrease the average assessment rate for 2015,” said Gerard Adams, WorkSafeNB’s president and chief executive officer. The rate decrease will see premiums for approximately 13,000 employer operations drop or remain stable. New Brunswick’s average assessment rate continues to be the lowest in Atlantic Canada.

“A continued decline in accident frequency helped secure WorkSafeNB’s fully-funded position,” Adams said. The provincial workplace accident frequency rate has continually declined over the past few years. The rate has dropped from 3.52 per 100 full-time equivalents (FTE) in 2006 to 2.84 in 2013.

“Because of our strong financial position, we have assured rate stabilization for employers and the continuing security of benefits for injured workers and their families. And by allowing employers to reduce the cost of doing business, it helps boost the provincial economy,” Adams said.

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