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Default in Assessment Payment (PRO 15/2023)

In accordance with Section 8 of the General Regulations, the Bank of Canada’s interest rate effective October 31 will be added to 6% to calculate the penalty to be applied when an employer fails to pay premiums required by the Act. Effective January 1, 2024, the annual penalty will be 11.00% with a monthly rate of 0.92%.

Sufficiency (Funding) (POL 16/2023)

The Workers’ Compensation Act, 2013 (the Act) requires the WCB to maintain a fund (the Injury Fund) sufficient to finance its activities and other obligations under the Act. While the Act clearly states that the WCB is to be fully funded at all times, the level of the Injury Fund and any reserves is left at the discretion of the Board Members. The policy name was changed from Funding to Sufficiency to reflect changes to the calculation basis and target range for funding. 

Occupational Disease – Cost Relief (POL & PRO 17/2023)

This policy and procedure establish guidelines for providing cost relief for occupational diseases. While cost relief is still available for occupational disease claims, reference to the occupational disease reserve was removed as the reserve has been eliminated as the benefit liabilities include a provision for latent occupational diseases.

Industry Premium Rates – 2024 (POL 18/2023)

This policy is an annual update effective January 1. In October 2023, a provisional premium rate consultation session was held with employers and employer associations. Taking into consideration the feedback received from these meetings, the Board Members have approved the 2024 premium rates as listed in this policy.

Consumer Price Index (CPI) – Annual Increase – 2024 (PRO 19/2023)

Section 69 of the Act requires that compensation amounts be adjusted annually by the percentage increase in the Consumer Price Index (CPI). The basis for any increase is the average of percentage increases in the Regina and Saskatoon All-Items CPI for the 12 months ending on November 30 in each year. For 2024, where applicable, entitlements will be increased 2.9% due to the CPI increase.
 

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