The Workers Compensation Board (WCB) of Prince Edward Island has confirmed rates for employers will reduce again this year. The WCB identifies reduced rates of workplace injuries as a key reason behind the drop.
Assessment rates are driven by the costs of injuries in the workplace and the WCB says the drop in injuries demonstrates a positive trend in safety performance by the majority of businesses.
More than 96 per cent of the province's businesses will see a decrease in their group rate for 2015. That makes this the fifth consecutive year the rates have dropped.
The average assessment rate for the coming year will be $1.79 per $100 of payroll. That is a six per cent, or eleven cent, decrease from 2014.
“Employers and workers are benefiting from their collective safety efforts with safer workplaces and reduced costs,” said Nancy Guptill, WCB P.E.I. chair. “The WCB applauds these efforts and looks forward to ongoing collaboration with all Island workplaces to improve the culture of workplace safety.”
The provincial workers' compensation system is funded entirely by employer assessments. Every year, the WCB determines the amount needed to cover past, present and projected future workplace injuries.
“The WCB will continue to find ways to protect the Island’s labour force and business community, through effective programs, services and workplace safety initiatives,” added Guptill.
Employers will find out their individual assessment rates in December, based on claims costs and the risks of injury in their industries.