Employers will be paying 4.1 percent more for Workers Compensation Premiums in 2023.

The WCB made the announcement today. It works out to 5 cents more per 100 dollars of payroll.

“Although we have increased our 2023 average premium rate by five cents, our rate is still among the lowest rates in Canada,” said the WCB’s chair Gord Dobrowolsky in a statement.

“The primary drivers of the 2023 premium rate are claim costs and payroll. We are continuing to see increasing long-term claim costs, which we are forecasting to rise at a faster rate than employer payrolls in 2023. This is reflected in our premium rates.”

In 2021, 90 per cent of employers in Saskatchewan achieved zero injuries and zero fatalities.

The WCB has been advising employers over the last several years, premium rates could increase if serious injuries, fatalities and claim durations did not improve.

“We are legally required to be fully funded. The WCB’s funding policy indicates a range of between 105 per cent and 120 per cent funded to cover the costs of current and future claims,” said the WCB’s CEO Phillip Germain. “The 2023 rate increase ensures we will be able to maintain our funded position.”