The Workers Compensation Board (WCB) of PEI is pleased to announce a 4.2% reduction of its estimated average assessment rate for Island employers for 2023. This brings the 2023 rate to $1.37, down from $1.43 in 2022.

Assessment rates are set annually by the WCB Board of Directors and are calculated per $100 of assessable payroll. As of January 1, 2023, the maximum assessable earnings (MAE) will be $65,000. The MAE is the maximum amount of earnings an employer would pay premiums on per worker.

Based on the funding status as of December 31, 2021, the Board of Directors also approved a $22 million surplus distribution to employers. The surplus comes as a result of investment returns which fluctuate from year to year. Surplus distribution is considered on a yearly basis by the Board of Directors.

Employers will be notified of their new rates and, based on eligibility, receive the surplus distribution in December 2022.