A win for members! PEI foodservice WCB rates to drop in 2012
(Dec. 2/11) PEI’s Workers Compensation Board (WCB) has approved a $2 preliminary average assessment rate for 2012, representing a five-cent reduction from 2011. For restaurant operators the average rate will drop seven cents, from $1.11 to $1.04 per $100 of payroll – a 6.3 per cent decrease.
How your rate is calculated
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. Rates for an individual business will then be calculated using individual claim and accident experience. All Island employers will be informed of their individual assessment rates in January 2012.
CRFA action
This victory is due to CRFA and other business organizations working closely with the PEI WCB to rescue the Island’s compensation system from the edge of a financial abyss. The insurance program has progressed from an underfunded social program with escalating rates and increasing accident claims and claims costs, to a fully funded insurance program with stable and declining rates and lower provincial accident rates.