Workers Compensation Prince Edward Island
As an employer in PEI, you contribute to an accident fund to pay for the cost of various compensations. Your contributions to the Worker's Compensations Board of PEI (WCB) are based on your annual assessable payroll and your assessment rate.
To determine your assessment rates, the WCB will use the employer classification system to divide employers into different groups based on their broader industry class. These industries are grouped together based on similar business operations and then are assigned to a Rate Group based on claims history.
The WCB Board of Directors set assessment rates each year, per $100 of assessable payroll based on the maximum assessable earnings for that year. The maximum assessable earnings for 2021 is $55,300 and for 2022, will be $58,300. These rates are based on the following:
- The payroll figures for all employers by Rate Group
- Expenses associated with administering the compensation system
- Relative costs of injuries