Work­pla­cenl’s fi­nances healthy

The Telegram (St. John’s) - - BUSINESS - tele­gram@thetele­gram.com

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.

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