The Board of Directors of the Yukon Workers Comp Health and Safety Board (Canada) announced that the average assessment rate for 2011 will be significantly lower than the 2010 rate.(WCxKit)
The rate will drop from this year’s level of $2.95 to $2.49 in 2011, a decrease of 15.6% or 46-cents less, per $100 of assessable payroll.
This also means a projected drop in assessment revenues collected in 2011 of just over $4 million.
To be clear, this does not mean an across-the-board decrease in assessment premiums for all employers. Industries that continue to show decreases in the number and severity of injuries are likely to see rate decreases in 2011.
However, those industries who continue to show a lack of due diligence in improving safety and Return-To-Work outcomes in their workplaces are unlikely to see any decreases in their rates.
Specific rates for each of the 69 industries will be announced in the fall.
A major contributing factor to the lower rate is the recent trend in lower claims costs including a 43% reduction in 2009. This puts the time-loss rate per 100 workers covered in 2009 at 2.3. This compares with 2.8 in 2008 and 3 in 2007. The interim goal is a lost-time rate of 1.(WCxKit)
With assistance from its stakeholder partners, this was achieved by a concentrated focus on Return-To-Work – getting injured workers back on the job as safely and quickly as possible, which is good for the employer and aids in the worker’s full recovery. It also shortens the duration or length of time injured workers are receiving time-loss benefits.
YWCHSB has the best results of any jurisdiction in Canada in this category.
The percentage of time-loss claims for which the last payment was made within 90 days from the claim starting was more than 88% in 2009.
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, healthcare, printing/publishing, pharmaceuticals, retail, hospitality and manufacturing. Contact: [email protected] or 860-553-6604.
FREE TOOLS
WC IQ TEST: http://www.workerscompkit.com/intro/
WC IQ TEST: http://www.workerscompkit.com/intro/
WORK COMP CALCULATOR: http://www.LowerWC.com/calculator.php
MODIFIED DUTY CALCULATOR: http://www.LowerWC.com/transitional-duty-cost-calculator.php
JOIN
WC GROUP: http://www.linkedin.com/groups?homeNewMember=&gid=1922050/
SUBSCRIBE: Workers Comp Resource Center Newsletter
Do not use this information without independent verification. All state laws vary. You should consult with your insurance broker or agent about workers comp issues.
WC GROUP: http://www.linkedin.com/groups?homeNewMember=&gid=1922050/
SUBSCRIBE: Workers Comp Resource Center Newsletter
Do not use this information without independent verification. All state laws vary. You should consult with your insurance broker or agent about workers comp issues.
©2010 Amaxx Risk Solutions, Inc. All rights reserved under International Copyright Law. If you would like permission to reprint this material, contact [email protected].
