Saint John: The Workplace Health, Safety and Compensation Commission (WHSCC) of New Brunswick announced today a 2.4% reduction in the 2008 average assessment rate for registered employers. The average rate will drop from $2.10 per $100 of assessable payroll in 2007, to $2.05, effective January 1, 2008. The minimum assessment rate will decrease from $0.42 per $100 payroll to $0.40. This rate reduction means a lower or stable net assessment rate for 7,400 New Brunswick employers in 2008.
And while the rate has decreased for 52% of the province’s employers, an increase in industry and individual claim costs will result in a higher assessment rate for 6,810 employers. Of those employers, 5,360 will see an increase of less than $500.
”The rate decrease allows the Board of Directors to reduce the cost of workers’ compensation insurance for many New Brunswick businesses, thereby reducing their cost of doing business. And because the WHSCC is fully funded, the security of our injured workers’ benefits is ensured,” said Roberta Dugas, chairperson of the Board of Directors. “This is possible because of the co-operation and dedication of employers, workers and the Commission working together to prevent and reduce accidents in our workplaces.”
Dugas explains that, in addition to the continued decline in workplace accidents, effective governance and consistent investment returns have also contributed to the decreased rate, which continues to remain the lowest average assessment rate in Atlantic Canada.