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Employers in Saskatchewan are getting a break from the Workers’ Compensation Board to help them manage the impacts of COVID-19.
The WCB announced it will freeze the average employer premium rate for next year at $1.17 per $100 of payroll.
That’s expected to save employers about $13.4 million in 2021 premiums.
“The two key drivers of the premium rate are claims costs and payroll. Claims costs are historically on the rise and, due to COVID-19 in 2020, payroll is down in Saskatchewan, similar to most other provinces,” the WCB’s CEO, Phil Germain, said in a news release.
“With certain industries, employers and workers dealing with the financial stress associated with COVID-19, the board has looked at how to help employers manage the ongoing impact of the COVID-19 pandemic and keep this economy moving forward. To do this, we are proposing to hold the 2021 average rate.”
Without the hold, the WCB calculated the average premium rate would have been $1.23 per $100 of payroll, a result of a slowed economy and increase in compensation and health-care costs.
Germain said the freeze is temporary and employers should expect rate increases as early as 2022.
