Newfoundland and Labrador give small employers WCB relief

Premiums can now be paid monthly instead of one lump sum for businesses paying less than $54,000
||Last Updated: 09/02/2005

Newfoundland and Labrador’s workers’ compensation board is changing the way small businesses pay premiums.

Starting April 1, businesses paying less than $54,000 in annual WCB assessments will be able to pay the annual assessments throughout the year rather than being forced to pay it in one lump sum at the start, according to Joan Burke, minister responsible for the Workplace Health, Safety and Compensation Commission and Minister of Human Resources, Labour and Employment.

These employers will be able to pay their current year’s assessments monthly through electronic funds transfer over seven months (April to October) interest free. Currently, assessments for the year are payable on April 1. Any late assessment payments are subject to an interest penalty equal to the commission’s prime interest rate plus five per cent (currently 9.25%).