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WorkSafeNB provided an update on its financial situation and average rates are now projected to skyrocket from $1.70 per $100 of assessed payroll to a cost estimated between $2.69 and $2.95 in 2019. For business owners, this latest spike represents a cumulative increase of 166% over the last three years.
95% of CFIB members in New Brunswick said rate increases would be very or somewhat difficult to absorb in 2018. A 74% increase in 2019 will make it an even greater challenge for business owners.
What can I do about it?
Why are premiums going up?
These new costs have nothing to do with workplace safety. In fact, the number of workplace accidents has not increased. Costs are increasing because claims are lasting longer and the workers’ compensation system is paying for benefits not related to workplace injuries. In some cases, it’s replacing social and health services.
Cost increases are driven by decisions made by the Workers’ Compensation Appeals Tribunal (WCTA). The WCAT has overturned WorkSafeNB policies, allowing it to control costs and benefits. The system is now unstable and unsustainable.
What is CFIB doing about it?
CFIB’s request to government is simple: Immediately bring in legislation restoring stability to benefit costs and assessments rates. We are continuing to act on your behalf.
Have questions? Comments? Contact our office at [email protected] or by calling 1 888 234-2232.