The Workers Compensation Board of Prince Edward Island has approved a $2 preliminary average assessment rate for 2012, representing a five cent reduction from 2011.
The preliminary average assessment rate for 2012 is based on actuarial projections of the average rate required to cover claims costs for accident year 2012 together with an estimate of investment income and administration budget for 2012.
The WCB provides the preliminary rate to assist P.E.I. employers with their budgeting processes. The preliminary rates for rate groups will be released as soon as the information is available, according to the WCB.
It is anticipated that the 2012 average assessment rate will be finalized by the WCB board of directors in November 2011. All P.E.I. employers will be informed of their individual assessment rates in January 2012, the WCB said.
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