WorkSafeNB Announces Historic Milestone at Annual General Meeting: Lowest Assessment Rate and First-Ever Performance Refund for Eligible Employers
WorkSafeNB proudly announced two historic milestones that will benefit New Brunswick’s workplaces at its Annual General Meeting held virtually.
The 2025 average assessment rate was decreased to $1.10, down from $1.18 in 2024, marking the lowest rate in New Brunswick’s history. It is expected to remain the second lowest rate in the country.
Adding to the positive news of a lower average assessment rate, WorkSafeNB announced that, for the first time ever, it will issue performance refund cheques to eligible employers in New Brunswick. The performance refund is possible because of WorkSafeNB’s strong funded position, which was 156.1% as of December 31, 2023, well above the target range of 115-125%.
WorkSafeNB’s strong funded position is primarily due to the collective efforts of employers, workers, and WorkSafeNB, which have contributed to better-than-expected performance related to injury frequency and return to work outcomes, as well as strong investment returns.
“This significant surplus in our funding means that for the first time in our history, WorkSafeNB will provide performance refunds to every eligible employer in New Brunswick,” said Tim Petersen, WorkSafeNB’s president and CEO. “Our board of directors has approved a $180.6 million performance refund for 2024. This is made possible thanks to all the excellent work carried out by New Brunswickers working each day to make our province the safest place to work,” Petersen said.
The funding position also allows for lower average assessment rates. Premiums needed to cover the cost of benefits and administration for 2025 injuries amount to a $1.24 average rate per $100 of assessable payroll. The strong funding level allows for a $0.14 rebate, reducing the 2025 provincial average rate to $1.10.
“As New Brunswickers have become accustomed to the rising cost on just about everything in recent years, WorkSafeNB is pleased to issue a performance refund in addition to providing one of the lowest average assessment rates in Canada,” said Mel Norton, chair of WorkSafeNB’s board of directors. “Lowering rates while injecting $180.6 million into our province’s economy is something that will benefit all New Brunswickers. We’re thrilled to not only continue to make New Brunswick the safest place to work, but to contribute to helping make our province a great place to do business,” Norton said.
Moreover, these milestones come in a year marked by another achievement: significant benefit improvements for workers. Effective July 1, 2024, wage loss benefits increased from 85% to 90% of net earnings, offering injured workers greater financial security as they recover. Additionally, enhancements in calculating Maximum Annual Earnings now extend full wage coverage to more injured workers, with the MAE increasing from $76,900 to $82,100.
“We’re proud of our balanced approach that serves both New Brunswick’s workers and employers, supporting a thriving and resilient workforce and economy,” Petersen said.
For more information on how WorkSafeNB’s determines assessment rates
For more information on the performance refund