Workplacenl’s finances healthy
Workplacenl says its financial position continues to improve.
The agency also stated in a news release it was compliant with all 2016 performance indicators in the areas of client service, facilitating recovery at work, leadership in prevention through collaboration and financial sustainability.
The injury fund was 126.1 per cent funded at the end of 2016, up from 118.8 per cent for 2015. When the funded position exceeds 120 per cent, policy allows for a cut in rates paid by employers, Workplacenl said.
“We remain committed to maintaining a sustainable workplace injury system for workers and employers in our province,” said board member Elizabeth Forward. “As Workplacenl’s financial position has been improving in recent years, we have been able to lower rates charged to employers, increase benefits to injured workers and, with our partners, help to reduce the injury rate in the province.”
Effective Jan. 1, the average assessment rate paid by employers was reduced to $2.06 per $100 of assessable payroll. As well, the maximum compensable and assessable earnings (MCAE) increased to $63,420, the highest in Atlantic Canada, Workplacenl stated.
The lost-time incidence rate due to workplace injury or illness remains at an all-time low of 1.5 per 100 workers.
While the injury rate has remained relatively stable at an all-time low for the past five years, reflecting a positive attitude towards workplace safety across the province, Worplacenl said it wants to bring the injury rate even lower.
The rise in workplace violence in the health care and service industries and the slow decline in serious injuries remain a concern, Workplacenl said.
The injury fund is also dependent on investment market performance, where fluctuations are possible.
About 50,000 electronic safety-training records have been issued for workers in the province, up from 38,000 at the end of 2016.