WorkSafeNB announced today a decrease in the provisional average assessment rate for New Brunswick employers with three or more employees. Improved investment returns and reduced accident frequency and costs warranted an average rate reduction of four percent, from $2.08 per $100 of payroll in 2010 to $2.00. The minimum assessment rate will also be reduced, from $0.35 per $100 of payroll to $0.32. Of New Brunswick’s 14,100 employers, 84 percent will see their rate decrease because of this announcement and their own improving injury cost experience.
”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 WorkSafeNB is now fully funded, the security of our injured workers’ benefits is ensured,” said Roberta Dugas, chairperson of the Board of Directors. “This is good news for all New Brunswickers. Injury costs play the largest part in determining assessment rates, so it means that New Brunswick’s workplace safety is improving.”
The new rates are effective January 1, 2011.