Alberta Premium Rate to Stay Unchanged for 2010
Despite a challenging economy, Alberta, Canada employers have once again proven that keeping the right focus on injury prevention and disability management is truly beneficial. It was announced that employer premium rates will remain unchanged at $1.32 per $100 of insurable earnings for the third year in a row.
“As challenging as the economic uncertainty has been, it solidified the need for a continued focus on the core business of return to work and ensuring financial stability,” said Guy Kerr, president and CEO of WCB-Alberta. “We know we have the right programs and partnerships in place to be successful-we have proof of that in our results. Together, we are building a system that will be stable for years to come.”
WCB-Alberta anticipates continued strong operational performance; however, the variable continues to be economic uncertainty and WCB is proceeding with caution. Economic factors such as insurable earnings and claim rates have a direct impact on premium rates. Although there are positive signs in the current economy, accurately forecasting what may occur has been challenging. As a result, WCB-Alberta is taking a cautious approach in setting the 2010 premium rate.
The following forecasts affected the 2010 rate setting:
1. Insurable earnings predicted to remain the same as 2009: $74.6 billion.
2. The number of time lost claims will drop to 27,600.
3. Claim duration will increase to 36.3 days.
4. Time lost claim rate will stay at 1.6 per 100 workers.
5. Disabling injury rate will hold steady at 2.8.
In a meeting with stakeholders, Kerr reinforced the need for collaborative partnerships and collective performance as being essential components for success. (workersxzcompxzkit)
“Our work as partners keeps the system stable and workers on the job. We are focused on helping injured workers get back to work safely and appropriately, and we must use all of our resources to make that happen,” Kerr said.
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