Reduce your Worker’s Compensation burden with PRIME
PRIME is an incentive program that allows employers to save money on assessments providing they meet criteria in two categories: practice and experience. But what does that actually mean?
The Practice Incentive Component recognises and rewards employers who have good occupational health & safety and return-to-work practices with a 5% refund on their average calculated base assessments. The specific requirements an employer must meet depend on the size of their organisation or workplace. Your Employer Category is decided by how many workers are at each workplace, and how much the organization pays to WorkplaceNL in average base assessments.
The Experience Incentive Component compares an employer’s PRIME claim costs to their expected range of injury costs (called an Experience Incentive Range). Claim costs are payments made by WorkplaceNL, such as wage-loss benefits, health care costs and fatality costs, when an employee makes a claim due to a workplace injury. Keeping your claim costs down – by reducing injury and helping employees return to work quickly and safely after an injury – will help to minimize your assessment premium.
To be considered for a PRIME refund, you will need to complete the relevant section of the Employer Payroll Statement, and submit the Occupational Health and Safety Statement and Employer Contractor Statement (if applicable), by February 28 of each year. If you don’t submit these documents before February 28, then you will not qualify for a PRIME refund – however, you will still have to pay the experience charge, if applicable.
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