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The Workers Compensation Board of P.E.I. has reduced the average amount that businesses pay into to cover the current and future costs of injured workers.
In 2019, the average rate per $100 of payroll is $1.58. In a press release, the WCB explains that the actual costs to the system would have placed the rate at $1.66, but “because of its strong funded position” the WCB was able to adjust its funding policy to reduce the assessment amount by eight cents.
The WCB is also distributing a $22-million surplus to employers as a result of strong financial investment returns.
The WCB also says eligible employers will receive their portion of the surplus in November while all employers will be contacted in December about their individual assessment rates.