The average assessment rate paid by employers will increase by 2.4 per cent to $1.73 per $100 of assessable earnings – which includes a temporary $0.21 discount.
Employers will be paying more for workers compensation effective January 1st. The average assessment rate paid by employers will increase by 2.4 per cent to $1.73 per $100 of assessable earnings – which includes a temporary $0.21 discount. The higher average assessment rate is due to rising claims costs, including wage-loss benefits and health care services for workers, which have increased 22 per cent from 2018 to 2022. WorkplaceNL CEO Ann Martin says the discount, which started in 2019, remains to address a surplus in the Injury Fund. She says “The no-fault workers’ compensation system protects workers and employers in the unfortunate event of a workplace injury or illness. With inflation, changes to benefits and longer claim durations, it now costs more to cover wage-loss benefits and health care services for work-related injury claims, for the life of the claim.” Martin says they will continue to work with workplaces to prevent injuries and implement appropriate return-to-work programs, leading to safer workplaces with lower claims costs. Notices of assessment rates for employers will be online this week.
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