The Workplace Health, Safety and Compensation Commission (the Commission) for New Foundland/Labrador recently announced it is introducing an enhanced deferred payment plan which will allow all employers to spread payments throughout the year, interest-free.
“The expansion and improved flexibility of the interest-free payment plan, is good for business and good for the Province of Newfoundland and Labrador,” said Paul Davis, minister of Service NL, and minister responsible for the Commission. “The improved plan will be of particular benefit for sectors with seasonal variations in cash flow, such as construction, fishing, logging and tourism, and now will offer the interest relief for all employers regardless of size.”
Commission Chief Executive Officer Leslie Galway added the enhanced plan is one of many improvements in client service offered by the Commission. “We are concentrating on improving service delivery in all areas of workplace health, safety and compensation,” said Galway. “Employers have been asking for greater flexibility and we are pleased to be able to provide it.”
The Newfoundland and Labrador Employers’ Council (NLEC) and the Canadian Federation of Independent Business (CFIB) support the enhanced deferred payment plan. (WCxKit)
The enhancement of the interest-free deferred payment plan shows recognition by the Commission of the financial impact that workers’ compensation employer insurance premiums have on employers in this province. Any steps they take to minimize this impact are well received by our organization.” remarked NLEC Executive Director, Richard Alexander.