TOPIC: Earnings limit to increase for workers' compensation in 2013
Earnings limit to increase for workers' compensation in 2013
30 Oct 2012 20:18 #677
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The Workplace Health, Safety and Compensation Commission (WHSCC) has announced that the average assessment rate for employers in the province will remain at $2.75 per $100 of payroll for 2013.
But the maximum compensable and assessable earnings limit for injured workers will increase to $54,155. The WHSCC says the $2.75 average assessment rate per $100 of payroll will continue to include a 25-cent surcharge to address the unfunded liability of the injury fund.
The WHSCC said in a news release, about 60 per cent of employers will see a decrease in their assessment rates in 2013, while 40 per cent will remain the same or experience a slight increase. The average annual assessment rate has not increased since 2000 and has remained stable at $2.75 since 2006.
Since 2000, the commission said it’s funded position has improved from 65.2 per cent to 91.8 per cent at the end of 2011.
Assessment rates are premiums paid by employers to cover anticipated costs of workplace injuries, return-to-work programs, prevention initiatives and the cost of administering the workers’ compensation system.
The WHSCC said the increase in maximum compensable earnings reflects a 2.4 per cent increase in the consumer price index (CPI). Any injured worker whose earnings prior to being injured were at or above the new maximum compensable limit will be compensated based on the new limit effective Jan. 1, 2013.
The commission said notification of individual employer assessment rates for the coming year will be mailed to employers starting today. A complete listing of the classification of industries and assessment rates for 2013 can be found in the publications section of the commission’s website at www.whscc.nl.ca/publications.whscc.
There are an estimated 12,000 injured workers and more than 18,500 employers in the province.