WCB Rate Setting 2023November 3, 2022
The Saskatchewan Workers’ Compensation Board (WCB) has announced the 2023 preliminary average employer premium rate at $1.28 per $100.00 of accessible payroll. The 2022 average employer premium rate was $1.23. This is an overall rate increase of 4.1 percent. The increased rate will ensure WCB meets its legal obligation to be fully funded at a range between 105 per cent and 120 per cent.
Despite the change, the 2023 premium rates will remain one of the lowest in Canada while WCB aims to uphold stable rates and a fully funded compensation system. The main drivers of the 2023 rate increase are contributed to a slower rate of payroll growth relative to payroll seen in 2021, long term claim costs, and inflation, which has pushed up costs for medical claims, short term disability, and WCB Board expenses. Further, as serious injuries continue to be a large concern, employers can expect additional cost pressures.
Other key notes and highlights from the October 26th WCB preliminary 2023 rate information meeting was the rise of psychological injuries in the workplace. Moving forward, next generation prevention that includes a psychological health and safety strategy will be paramount in preventing injuries, ultimately leading to reduced premiums for employers. Other ways an employer’s premium can be influenced positively are full functioning safety programs and a solid return-to-work program which will also contribute to the prevention and management of work-related injuries.
Further information from WCB’s announcement can be found below.
Read: WCB Press Release