While the average worker’s compensation employer insurance premium will remain unchanged for 2015, the NL Employers’ Council is optimistic about further reductions in the future. In their announcement of the 2015 rates today, the Workplace Health, Safety and Compensation Commission (WHSCC) stated that the funded ratio as of December 31, 2013 was 106.6 percent – just 3.4% away from the removal of the $0.25 surcharge currently paid by employers as per the Commission’s funding policy.
The average assessment rate for employers will remain at $2.45 per $100 of assessable payroll, maintaining the $0.30 premium reduction achieved by the NL Employers’ Council in 2013.
The Maximum Compensable and Assessable Earnings (MCAE) will increase to $61,615. Both are effective January 1, 2015. The rates for approximately 50 per cent of employers will see a decrease or stay the same, while the rates for approximately 50 per cent will increase.
The increase in the MCAE reflects a 1.4 per cent 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, 2015.
Starting today, employers will be notified, in writing, of their assessment rate for the upcoming year. For 2015, an employer’s total assessment premium will be based on their industry’s 2015 assessment rate, their workers’ assessable earnings factoring in the new MCAE and their individual health and safety practices and claim cost experience under the PRIME program.
A complete listing of the Classification of Industries and Assessment Rates – 2015 can be found in the Publications section of the Commission’s website at www.workplacenl.ca.