WorkplaceNL increases average assessment rate

In response to rising claims costs, the average assessment rate paid by employers will increase by 2.4 per cent to $1.73 per $100 of assessable earnings – which includes a temporary $0.21 discount.

The changes come into effect on January 1, 2024.

The higher average assessment rate is due to rising claims costs, including wage-loss benefits and health care services for workers, which have increased 22 per cent from 2018 to 2022.

The discount, which started in 2019, remains to address a surplus in the Injury Fund.

While the average rate is $1.73, employers’ individual rates will vary based on their industry group’s claims experience as well as their own. Sixty-seven per cent of employers will have a higher assessment rate in 2024, while 33 per cent will have a lower or stable rate.