The Workplace Health, Safety and Compensation Commission (the Commission) for New Foundland reported that the average assessment rate for employers in the province will remain at $2.75 per $100 of payroll for 2011. Approximately 65 percent of employers will see a reduction in their assessment rates in 2011, while 35 per cent will experience an increase. (WCxKit)
Assessment rates are premiums paid by employers to cover anticipated costs of workplace injuries, return-to-work programs, prevention initiatives and the cost of administering the workers compensation system.
“The $2.75 rate has remained unchanged for five years despite the fact that medical costs have increased significantly,” said Leslie Galway, CEO of the Commission. “We have been able to maintain this rate due to a declining injury rate, a sound fiscal policy and good management practices at the Commission, but there is much work to be done. While we continue to work hard to ensure every man and woman returns home safely at the end of each working day, we are increasing our efforts to help those injured on the job return to work safely.”
For injured workers, the maximum compensable and assessable earnings limit is increasing from $51,235 to $51,595, reflecting a 0.7% increase in the consumer price index (CPI). Any injured worker whose pre-injury earnings are at or above the new maximum compensable limit will be compensated based on the new limit effective January 1, 2011.
Serving over 17,000 employers and approximately 12,000 injured workers, the Commission is an employer-funded, no fault insurance system that promotes safe and healthy workplaces, provides return-to-work programs and offers fair compensation to injured workers and their dependants.(WCxKit)
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: Info@ReduceYourWorkersComp.com or 860-553-6604.
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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.
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