EDMONTON, (June 17, 2004) — Due to a decrease in the number of serious injury claims, the province of Alberta has announced that workers compensation rates will be reduced by 7.6 per cent for 2005.

That follows an increase of 12.5 per cent last year. But Guy Kerr, president and CEO of Alberta’s Workers’ Compensation Board, told Canadian Press that lost time claims had since gone down by 1,000 and rates needed to reflect the decrease. Increased revenue also allowed the board to boost its reserve fund to $311 million from $167 million, an 86-per-cent increase in one year.

Kerr confirmed that the reserve fund is nearly fully funded, which may soon allow the board to consider safety dividends for employers. Also, a further rate cut can be expected for 2006 if claims costs continue to drop, Kerr told a group of 150 business people in attendance.

Kim Royal, executive director of the Alberta Motor Transport Association, applauded the move, adding that Alberta trucking companies deserve the break considering their safety performances improved dramatically over the last year.

— from Canadian Press