Nova Scotia Workers’ Compensation Board cuts rates for first time in 40 years

The Workers’ Compensation Board of Nova Scotia is implementing a significant rate cut for employers, marking the first such reduction in more than four decades. The average employer rate will drop to $2.25 per $100 of assessable payroll, injecting an estimated $75 million back into the provincial economy.

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The workplace injuries in Nova Scotia are the lowest they have ever been and if people are unfortunate enough to be injured at work, they’re returning to work and staying connected to work quicker and safer than ever, allowing us to reduce our insurance premiums.

This positive development is attributed to a record low and continuously declining workplace injury rate across Nova Scotia. "The workplace injuries in Nova Scotia are the lowest they have ever been," stated CEO Karen Adams. She added that injured workers are returning to their jobs quicker and safer than ever before, enabling the board to lower insurance premiums.

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In addition, workers will now see the benefits they receive indexed to inflation, so as inflation increases, worker benefits increase.

Furthermore, workers will now benefit from their compensation being indexed to inflation, ensuring their benefits keep pace with rising costs. The WCB also announced it is now 117% funded, a stark contrast to the early 1990s when it was only 27% funded and considered bankrupt. This financial health is credited to improved financial monitoring and robust injury prevention programs.

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That was the reality we inherited, in the early 1990s, the system was just 27 per cent funded. That is a bankrupt organization.

While Nova Scotia's employer assessment rates will still be the highest in Canada despite this reduction, officials view this as a crucial first step toward further improvements. "This is just the first step," Adams acknowledged, signaling a commitment to continued progress.

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It’s true (...) however, this is just the first step.