Workers Compensation Board of P.E.I. proposes benefit increases
The Staff Compensation Board of P.E.I. is asking for suggestions on proposed modifications to the Staff Compensation Act which might lead to will increase to injured employee advantages on the Island.
“Something we are able to do to alleviate slightly little bit of the monetary pressure throughout a time that you simply could be experiencing a bodily or psychological damage and attempting to get well, we really feel will add to that restoration,” mentioned Cheryl Paynter, CEO of WCB P.E.I.
The 5 profit will increase being proposed by the WCB are:
- Improve profit charges for employees off work on account of an damage from 85 per cent of internet pre-injury earnings to 90 per cent.
- Improve the cap on annual long-term advantages to 6 per cent from 4 per cent.
- Reset the utmost assessable earnings to present Statistics Canada information every year.
- Within the case of a office fatality, enhance monetary help for burial bills to $15,000 from $7,500.
- Improve the lump sum dying profit to 100 per cent of most annual earnings.
“With value of residing and inflationary pressures, we really feel that the timing is essential right here now to get out and get suggestions on these and probably transfer some suggestions as much as authorities for change,” mentioned Paynter.
The WCB is totally funded by employers’ premiums, however Paynter mentioned employers have benefited in recent times from excessive funding returns on account of low rates of interest.
Which means employers will not see a rise in premiums if these proposed profit will increase take impact.
Suggestions till July 17
The session interval for the modifications ends July 17. Anybody can provide suggestions on the WCB’s web site, or get in contact instantly to satisfy with them, mentioned Paynter.
“We all know we’ve got a fairly deep secure of stakeholders right here. And we would actually like to listen to from all people earlier than we formalize a advice in to authorities.”
As soon as the suggestions and session interval ends, WCB hopes the beneficial modifications will come earlier than the provincial authorities throughout the fall 2022 sitting of the provincial legislature and take impact in January 2023.
