New Brunswick employers will get a break on workers’ compensation premiums next year.
WorkSafeNB has set the average assessment rate at $1.10, the corporation announced Monday.
That is down from $1.18 this year and is the lowest ever in New Brunswick’s history.
And for the first time, the corporation will issue $180 million in performance refund cheques to employers.
Tim Petersen, president and CEO of WorkSafeNB, said the refund is due to a significant surplus in the corporation’s funding.
The corporation has a target of being funded between 115 and 125 per cent. It is currently funded at 156 per cent.
“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,” said Petersen.
WorkSafeNB said it has seen better-than-expected performance related to injury frequency and return to work outcomes, as well as strong investment returns.
While the average rate has been set at $1.10, individual employer rates will vary based on their industry and individual safety performance.
This is the sixth consecutive decrease in assessment rates, which reached $2.65 per $100 of assessable payroll in 2019.
The rate reduction comes as the wage loss benefit was recently increased from 85 to 90 per cent of net earnings and the maximum annual earnings threshold increased from $76,900 to $82,100.
