The Workers’ Compensation Board of Nova Scotia is cutting its rates for the first time in more than 40 years.
WCB Nova Scotia says the injury rate in the province is at a record low and is continuing to decline, enabling the organization to cut rates by 15 per cent.
“The workplace injuries in Nova Scotia are the lowest they have ever been and if people are unfortunate enough to be injured at work, they’re returning to work and staying connected to work quicker and safer than ever, allowing us to reduce our insurance premiums,” said CEO Karen Adams.
“In addition, workers will now see the benefits they receive indexed to inflation, so as inflation increases, worker benefits increase.”
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WCB Nova Scotia announced Wednesday it is lowering the average employer rate to $2.25 per $100 of assessable payroll, which it says will amount to $75 million back into the economy.
The announcement is one the WCB has been looking forward to since the 1990s, when workplace injuries were trending upward.
“That was the reality we inherited, in the early 1990s, the system was just 27 per cent funded. That is a bankrupt organization,” said Saeed El-Darahali, WCB board chair.
But now, the WCB is 117 per cent funded, something it attributes to improved financial monitoring and injury prevention.
Employer rates fluctuate by industry and their own safety measures but the average rate has been historically high.
Since 2005, it sat at $2.65 per $100 of assessable payroll.
This drop was a target set by the provincial government in last year’s Workers’ Compensation Act.
“We’ve taken the recommendations that would have come through the Workers’ Compensation Review, and it’s days like today that we’re able to make progress and keep moving forward,” said Nolan Young, Minister of Labour, Skills and Immigration.
“It’s a great day for the province, it’s a great day for workers and employers.”
Despite the reduction, Nova Scotia will still have the highest employer assessment rates in Canada, something Adams admits needs improvement.
“It’s true (…) however, this is just the first step,” she said.
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