Good safety record pushes down WCB rates

The Workers Compensation Board of Prince Edward Island has announced rates for businesses will go down in 2018.

The rate will be $1.60 per $100 of payroll, a 10 per cent decrease from 2017.

Businesses will also be getting rebates on fees they have previously paid. The WCB has a surplus, resulting froma strong performance in its investment portfolio.

"Assessment rates have been reduced over the past few years to respond to the surplus but the investment portfolio has continued to perform well," said WCB chair Stuart Affleck in a news release.

The board has approved a $21.4 million rebate to be distributed to member businesses.

The WCB said reduced payouts are the key driver in the rate decrease, and credited employers for improving safety in the workplace.

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