WorkSafe NB has released its 2019 year-end results, revealing that the organization has returned to a positive financial position, following several years of massive deficits.
New Brunswick’s workers’ compensation system is now fully funded and accident frequency has declined to its lowest level in a decade.
Financial highlights for 2019 include:
- Net income increased to $311.7 million in 2019 compared to a net loss of $271.5 million in 2018.
- The return on investment of the Accident Fund in 2019 was 14.0% compared to (1.3%) in 2018.
- The Accident Fund’s funded ratio improved to 105.1% in 2019 from 85.3% in 2018.
- The valuation of benefit liabilities were reduced by $71 million, the first reduction following four years of significant increases that had totaled $626 million.
Good news for foodservice
These positive results are largely due to major legislative changes brought forward by the New Brunswick government at the recommendation of Restaurants Canada.
Given this good news, New Brunswick’s restaurateurs should expect lower assessment rates in 2021. Restaurants Canada will provide information on next year’s premiums as soon as this information becomes available.
If you have any further questions or would like more information, you can get in touch with Luc Erjavec, Restaurants Canada Vice President, Atlantic Canada, at firstname.lastname@example.org or 1-800-387-5649 ext. 5000.