WorkSafeNB announced today a 15% decrease in the average assessment rate. A strong funded position and decreasing claims costs warranted an average rate reduction of $0.30, from $2.00 per $100 of payroll in 2011, to $1.70. The minimum assessment rate will also be reduced, from $0.32 per $100 of payroll to $0.28. The rates, effective January 1, 2012, continue to be the lowest in Atlantic Canada.
The rate reduction will see assessed premiums for approximately 13,700 employer operations either drop or remain stable in 2012.
“By attaining a fully-funded level of 111.5%, WorkSafeNB has assured rate stabilization for employers and the continuing security of benefits for our injured workers,” said Sharon Tucker, chair of WorkSafeNB’s board of directors.
“But, more importantly, since accident costs are key to determining assessment rates, this rate decrease signifies healthier and safer workplaces for all New Brunswickers, “ she said. In 2010 WorkSafeNB met its targets for both duration and frequency of lost-time claims. “We want to thank workers, employers and stakeholders for helping make this happen.”