EI financing board publishes 2012 premium rate report • WorkSafeNB announces 2012 assessment rates • WCB assessment rates holding steady in Newfoundland and Labrador • PEI WCB reduces preliminary average assessment rate
Canada
EI financing board publishes 2012 premium rate report
The Canada Employment Insurance Financing Board (CEIFB) published its employment insurance (EI) premium rate report, which includes the 2012 rates and forecasts the cumulative deficit for the EI operating account. The CEIFB board of directors has set the 2012 EI premium rate for residents of all provinces, with the exception of Quebec, at $1.83 per $100 of insurable earnings. The EI premium rate for Quebec residents is set at $1.47. The 2012 break-even rate for residents of all provinces with the exception of Quebec is forecast to be $2.56 per $100 of insurable earnings. After applying the premium reduction for residents of a province with a provincial parental leave plan, the break-even rate for Quebec residents is forecast to be $2.20 per $100 of insurable earnings, according to the CEIFB chief actuary. For the first time since its establishment, the EI operating account is expected to break even on an annual basis in 2012. This would maintain the cumulative deficit at $8.8 billion as at Dec. 31, 2012. On Nov. 8, the Government announced that it would limit the increase of the EI premium rate to five cents per $100 of insurable earning in 2012.
New Brunswick
WorkSafeNB announces 2012 assessment rates
WorkSafeNB announced a 15 per cent decrease in the average assessment rate for employers in New Brunswick for 2012. A strong funded position and decreasing claims costs warranted an average rate reduction of 30 cents, from $2 per $100 of payroll in 2011, to $1.70, according to the organization. The minimum assessment rate will also be reduced, from 32 cents per $100 of payroll to 28 cents. The organization attained a fully-funded level of 111.5 per cent, according to WorkSafeNB. The rate reduction will see assessed premiums for about 13,700 employer operations either drop or remain stable in 2012. In 2010, WorkSafeNB met its targets for both duration and frequency of lost-time claims.
Newfoundland and Labrador
WCB assessment rates holding steady in Newfoundland and Labrador
The average assessment rate for employers in Newfoundland and Labrador will remain at $2.75 per $100 of payroll, according to the Workplace Health, Safety and Compensation Commission (WHSCC). The commission also announced the province’s maximum compensable and assessable earnings limit for 2012. The maximum assessable earnings limit will increase from $51,595 to $52,885. About 53 per cent of employers will see a slight decrease in their assessment rates in 2012, while 47 per cent will remain the same or experience a slight increase. The increase in maximum compensable earnings reflects a 2.5 per cent increase in the consumer price index (CPI), according to the WHSCC. Any injured worker whose pre-injury earnings are at or above the new maximum compensable limit will be compensated based on the new limit effective Jan. 1, 2012, said the commission. A complete listing of the 2012 rates can be found in the publications section of the WHSCC’s website.
Prince Edward Island
PEI WCB reduces preliminary average assessment rate
The Workers Compensation Board of Prince Edward Island has approved a $2 preliminary average assessment rate for 2012, representing a five cent reduction from 2011. The preliminary average assessment rate for 2012 is based on actuarial projections of the average rate required to cover claims costs for accident year 2012 together with an estimate of investment income and administration budget for 2012. The WCB provides the preliminary rate to assist P.E.I. employers with their budgeting processes. The preliminary rates for rate groups will be released as soon as the information is available, according to the WCB. It is anticipated that the 2012 average assessment rate will be finalized by the WCB board of directors in November 2011. All P.E.I. employers will be informed of their individual assessment rates in January 2012, the WCB said.
EI financing board publishes 2012 premium rate report
The Canada Employment Insurance Financing Board (CEIFB) published its employment insurance (EI) premium rate report, which includes the 2012 rates and forecasts the cumulative deficit for the EI operating account. The CEIFB board of directors has set the 2012 EI premium rate for residents of all provinces, with the exception of Quebec, at $1.83 per $100 of insurable earnings. The EI premium rate for Quebec residents is set at $1.47. The 2012 break-even rate for residents of all provinces with the exception of Quebec is forecast to be $2.56 per $100 of insurable earnings. After applying the premium reduction for residents of a province with a provincial parental leave plan, the break-even rate for Quebec residents is forecast to be $2.20 per $100 of insurable earnings, according to the CEIFB chief actuary. For the first time since its establishment, the EI operating account is expected to break even on an annual basis in 2012. This would maintain the cumulative deficit at $8.8 billion as at Dec. 31, 2012. On Nov. 8, the Government announced that it would limit the increase of the EI premium rate to five cents per $100 of insurable earning in 2012.
New Brunswick
WorkSafeNB announces 2012 assessment rates
WorkSafeNB announced a 15 per cent decrease in the average assessment rate for employers in New Brunswick for 2012. A strong funded position and decreasing claims costs warranted an average rate reduction of 30 cents, from $2 per $100 of payroll in 2011, to $1.70, according to the organization. The minimum assessment rate will also be reduced, from 32 cents per $100 of payroll to 28 cents. The organization attained a fully-funded level of 111.5 per cent, according to WorkSafeNB. The rate reduction will see assessed premiums for about 13,700 employer operations either drop or remain stable in 2012. In 2010, WorkSafeNB met its targets for both duration and frequency of lost-time claims.
Newfoundland and Labrador
WCB assessment rates holding steady in Newfoundland and Labrador
The average assessment rate for employers in Newfoundland and Labrador will remain at $2.75 per $100 of payroll, according to the Workplace Health, Safety and Compensation Commission (WHSCC). The commission also announced the province’s maximum compensable and assessable earnings limit for 2012. The maximum assessable earnings limit will increase from $51,595 to $52,885. About 53 per cent of employers will see a slight decrease in their assessment rates in 2012, while 47 per cent will remain the same or experience a slight increase. The increase in maximum compensable earnings reflects a 2.5 per cent increase in the consumer price index (CPI), according to the WHSCC. Any injured worker whose pre-injury earnings are at or above the new maximum compensable limit will be compensated based on the new limit effective Jan. 1, 2012, said the commission. A complete listing of the 2012 rates can be found in the publications section of the WHSCC’s website.
Prince Edward Island
PEI WCB reduces preliminary average assessment rate
The Workers Compensation Board of Prince Edward Island has approved a $2 preliminary average assessment rate for 2012, representing a five cent reduction from 2011. The preliminary average assessment rate for 2012 is based on actuarial projections of the average rate required to cover claims costs for accident year 2012 together with an estimate of investment income and administration budget for 2012. The WCB provides the preliminary rate to assist P.E.I. employers with their budgeting processes. The preliminary rates for rate groups will be released as soon as the information is available, according to the WCB. It is anticipated that the 2012 average assessment rate will be finalized by the WCB board of directors in November 2011. All P.E.I. employers will be informed of their individual assessment rates in January 2012, the WCB said.
