Workers' Compensation Board Members Approve 1.8% Reduction In 2010 Average Premium Rate Saskatchewan WCB chairperson David Eberle announced the 2010 average employer premium rate will fall from $1.66 to $1.63. This is the fourth decrease in five years and the WCB's second-lowest average premium since 2001 ($1.62). "This decrease reflects a seven-year Saskatchewan trend of fewer time loss injuries and a falling injury rate. As the Mission: Zero vision inspires greater safety and prevention efforts, more Saskatchewan workplaces become safe, healthy and injury-free. This is the best way to reduce the cost of workplace injury in our province," Eberle said. In the 2010 premium year, 88% of employers covered by workers' comp will benefit from lower or unchanged premium rates. Over 33,000 employers in 35 rate codes will pay lower rates ranging from 0.9% to 32.3%. The rates stay at 2009 levels for 2,200 employers. Weak injury prevention performance and higher projected compensation benefit costs in 13 rate codes will increase the premium rate for 4,700 employers. "Making workplaces safer is the key to lower premium costs and fewer lives disrupted by injury," WCB chief executive officer Peter Federko said. "By strengthening Saskatchewan's safety culture, more injuries are prevented and the number of zero injury workplaces grows. Over three quarters of WCB-registered employers are injury-free now and we want this number to multiply." Saskatchewan is one of three compensation boards in Canada to lower its 2010 average premium. As the only western province WCB to lower the average premium in 2008, 2009 and 2010, Saskatchewan's workers' comp premiums are competitive and affordable. Since 2004, the Saskatchewan WCB average premium has fallen 20.5% and remains the fourth-lowest in Canada. (workersxzcompxzkit) The decision to lower the average premium rate follows the WCB's annual premium consultation meetings with stakeholders held in October. Employers will receive notice of their 2010 premium rates in December. The rates take effect Jan. 1, 2010.
Author Robert Elliott, executive vice president, Amaxx Risks Solutions, Inc. has worked successfully for 20 years with many industries to reduce Workers' Compensation costs, including airlines, health care, manufacturing, printing/publishing, pharmaceuticals, retail, hospitality and manufacturing. He can be contacted at: Robert_Elliott@ReduceYourWorkersComp.com or 860-553-6604.
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