2023 Assessment Rate and Pursuit of Benefit Improvements
WorkSafeNB is pleased to announce it has reduced the average assessment rate for 2023 to $1.31, down 22% from the 2022 rate of $1.69.
At the same time as assessment rates are decreasing, WorkSafeNB’s board of directors is pursuing legislative changes that would improve the benefits provided to injured workers and their families.
“This is good news for both the employers and injured workers of New Brunswick,” said Tim Petersen, WorkSafeNB’s president and chief executive officer. “For employers, there is a net reduction in costs as they continue to recover from financial challenges brought on by the pandemic and rising interest and inflation rates. For workers and their families, benefit improvements would allow them to better focus on their recovery during a challenging time.”
Strong investment returns through 2021, the lowest injury frequency rate in 13 years, improved return to work outcomes for injured workers, and important legislative change in 2018 have strengthened WorkSafeNB’s funded position, a significant factor in the rate reduction.
“The important legislative changes made when we assumed office were intended, in part, to bring down WorkSafe assessment rates,” said Minister of Post-Secondary Education, Training and Labour, Trevor Holder. “I’m thrilled to see yet another reduction in the assessment rates and that is due to the excellent work of WorkSafeNB’s board of directors. Our government remains committed to working with the board to ensure an equitable compensation system for both workers and employers.”
“The decrease in our rate tells us that both employers and workers are engaged in injury prevention and return to work efforts, and we are grateful for their commitment as we strive to make New Brunswick the safest place to work”, said Petersen.