The Saskatchewan (Canada) Workers Compensation Board (WCB) recently approved the 2015 average employer premium rate for 47,069 employers covered by workers comp.
In 2015, the average employer premium will decrease from the 2014 level of $1.51 to $1.46, a 3.3% decrease. The 2015 average WCB premium will be the lowest in twenty-nine years.
WCB Chairperson GordDobrowolsky said it is the lowest rate schedule approved since 1986.
“Better safety performance records in 33 industry rate codes have resulted in lower 2015 premium rates for 37,060 employers. The decreases range from 0.5% to 14.5%. The average decrease is 5.4%,”Dobrowolsky commented.
In October, the WCB gathered feedback in its annual public rate setting consultation meetings. Saskatchewan employers will receive letters in the coming weeks with the specifics of their 2015 premium rate.
Dobrowolsky added that by lowering the 2015 average premium from 2014 level ($1.51), the WCB is recognizing the increase in reported payrolls and the improving safety performance in the province.
Decreasing Injury Rate at Workplaces
WCB CEO Peter Federko explained that while several factors have contributed to the continued trend in lower premium rates, none is more important than the decreasing injury rate in Saskatchewan workplaces.
“Keeping Saskatchewan workers safe will always be our first priority. We have more people working and fewer people getting hurt but we can’t become complacent. We are forecasting a slight increase in our time loss injury rate for 2014, but our ten-year trend has stayed positive. Saskatchewan is becoming safer. In 2013, 86 percent of employers in the province achieved Mission: Zero.” Federko said.
There is a financial gain for employers who implement successful safety programs and maintain injury-free work places.
Under the WCB’s Experience Rating program, employers with above-par safety records earn premium discounts while employers with poor safety records pay a surcharge.
Author Kori Shafer-Stack, Editor, Amaxx Risk Solutions, Inc. is an expert in post-injury response procedures and part of the Amaxx team helping companies reduce their workers compensation costs by 20% to 50%. www.reduceyourworkerscomp.com. Contact: kstack@reduceyourworkerscomp.com.
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