The Workplace Health, Safety and Compensation Commission (WHSCC) of Newfoundland and Labrador is introducing an enhanced deferred payment plan which will allow all employers to spread payments throughout the year, interest-free.
Starting in 2012, all eligible employers will be able to spread equal payments over the calendar year, according to the WHSCC.
The period from January to March is payment-free for new assessment bills. For the remaining nine months employers may set up equal payment plans using pre-authorized debit. Employers can choose their assessment payment interval as weekly, bi-weekly, semi-monthly, monthly or quarterly.
“The expansion and improved flexibility of the interest-free payment plan, is good for business and good for the Province of Newfoundland and Labrador,” said Minister of Service NL Paul Davis. “The improved plan will be of particular benefit for sectors with seasonal variations in cash flow, such as construction, fishing, logging and tourism, and now will offer the interest relief for all employers regardless of size.”
The enhanced plan is one of many improvements in client service offered by the WHSCC, said commission CEO Leslie Galway.
“We are concentrating on improving service delivery in all areas of workplace health, safety and compensation,” said Galway. “Employers have been asking for greater flexibility and we are pleased to be able to provide it.”
The Newfoundland and Labrador Employers’ Council (NLEC) and the Canadian Federation of Independent Business (CFIB) support the enhanced deferred payment plan.
“The enhancement of the interest-free deferred payment plan shows recognition by the Commission of the financial impact that workers’ compensation employer insurance premiums have on employers in this province. Any steps they take to minimize this impact are well received by our organization.” said Richard Alexander, NLEC executive director.
“In the Year of the Entrepreneur, I am very happy to hear the commission making an announcement that makes it easier for small business owners to pay their assessments,” said Bradley George, director of provincial affairs for the CFIB.
© Copyright Canadian HR Reporter, Thomson Reuters Canada Limited. All rights reserved.