Recent reports out of Nova Scotia show that the average employer assessment rate for workplace injury insurance will hold steady in 2016, as WCB Nova Scotia (Canada) commits to implementing an ambitious path of injury prevention, return to work, and improved service outlined in its new 2016-2020 Strategic Plan.
The average rate of $2.65 per $100 of assessment remains unchanged, as it has for the past 12 years. However while the average rate remains unchanged, most employers will see their rates rise or fall, based on their industry and company claims experience.
Workers compensation in Nova Scotia remains underfunded, meaning there are more benefits owed to workers in the future than assets available today. Just 27 percent funded in the early 1990s, the funded percentage improved to 77 percent by 2014, thanks to years of injury prevention and return to work improvements, and prudent financial management.
Full Funding Remains a Pillar in Plan
Achieving full funding remains a pillar in the WCB’s new strategic plan. That goal can only be accomplished through continued gains in injury prevention, and more timely return to work when injury does occur. But the new strategic plan also makes it clear that something more is needed.
The WCB has already introduced several technological enhancements. In announcing the 2016 rates to employers, 100 employers who actively use WCB’s online portal MyAccount will receive their rate package online only as part of a pilot; no paper statement will be sent.
Employers can now register for coverage entirely online. And soon, workers will be able to receive direct deposit for more types of benefits.
In addition, workers and employers will be able to check the status of files and find other information through an improved telephone system. Other improvements are planned over the coming years. The WCB will make these improvements supported by sound business cases that do not impact the funding model or rate and benefit structures.
To date in 2015, the WCB has provided surcharge rebates to employers who made qualifying investments in safety totaling $999,000, and has issued $1.42 million in rebates to employers in Construction and Trucking who received safety certification – either the WCB’s Safety Certified accreditation or the Nova Scotia Construction Safety Association’s Certificate of Recognition (COR).
These financial incentives are helping businesses strengthen their safety programs and improve outcomes.
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.
©2014 Amaxx Risk Solutions, Inc. All rights reserved under International Copyright Law.
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