Worker’s Comp rates are increasing by 2.4 per cent due to rising claims costs.

Workplace NL says the average assessment rate paid by employers will increase by 2.4 per cent to $1.73 per $100 of assessable earnings—Workerwhich includes a temporary 21 cent discount.

Workplace NL says claim costs rose 22 per cent between 2018 and 2022.

CEO Ann Martin says with inflation, changes to benefits and the longer duration of claims, it now costs more to cover wage-loss benefits and health care services for work-related injury claims.

Individual rates will vary based on their industry group’s claims experience, as well as their own.

Sixty-seven per cent of employers will have a higher assessment rate in 2024, while 33 per cent either won’t see a change, or will pay less.