Saint John: The Workplace Health, Safety and Compensation Commission (WHSCC) of New Brunswick is pleased to announce a 2.3% percent reduction in the 2006 average assessment rate for registered employers. The average rate will drop from $2.19 per $100 of assessable payroll in 2005, to $2.14, effective January 1st, 2006.
”This decrease, our second in as many years, allows the Board of Directors to reduce the cost of workers’ compensation insurance for many New Brunswick businesses, while ensuring the future financial stability of the Commission and its accident fund.” says Robert M. Scott, Chairperson of the Board of Directors. “This is possible because employers, workers and the Commission are successfully working together to reduce accident frequency in New Brunswick workplaces.”
Scott explains that the continued reduction in provincial accident frequency numbers, a prudent rate-setting history, and improved investment returns have culminated in an improved financial position for the WHSCC.
“As a result, we have been able to increase benefits to injured workers while decreasing the average assessment rate, which is still the lowest in Atlantic Canada,” he says.
This rate reduction will see assessed premium amounts for 10,100 New Brunswick employers either drop or remain stable in 2006.