Most of New Brunswick’s employers will receive a reduced bill for their assessment rates in 2014. The average assessment rate will be reduced by 23 cents from $1.44 in 2013 to $1.21 in 2014 per $100 of payroll. The rates, effective January 1, 2014, represent a 16% reduction.
“Our fully-funded position and decreasing claim costs were the major factors in our decision to decrease the average assessment rate for 2014,” said Sharon Tucker, chair of WorkSafeNB’s board of directors. The rate decrease will see premiums for approximately 13,600 employer operations drop or remain stable.
A continued decline in accident frequency helped secure WorkSafeNB’s fully-funded position of 126.7%. The provincial accident frequency rate has continually declined over the past few years. The rate has dropped from 3.52 per 100 full-time equivalent (FTE) in 2006 to 2.99 in 2012.
“We are committed to providing the best possible benefits to injured workers and their families while maintaining the lowest possible assessment rates for employers,” Tucker said. “By maintaining a fully-funded position, we have assured rate stabilization for employers and the continuing security of benefits for injured workers and their families. And by allowing employers to reduce the cost of doing business, it helps boost the provincial economy.”
New Brunswick’s average assessment rate continues to be the lowest in Atlantic Canada.