2010 - Cost components for Rate Group GG:
For 2010, the membership of this rate group has changed. This is because industry groups and their associated classification units have moved between rate groups, based on the industry groups' sustained cost trends. WorkSafeBC generally limits rate changes to 20 percent to dampen the financial impact to industry groups which might be significantly affected. The 2010 base rates have been limited to a maximum 8% increase in recognition of the recent extreme economic downturn producing severe financial stress on many employers in B.C. Please refer to this rate group's main page to determine base rates for member classification units.
| |
2010 |
|
2009 |
|
| Cost rates |
Rate |
|
Rate |
|
| Short term disability |
0.236 |
|
0.246 |
|
| Long term disability |
0.204 |
|
0.235 |
|
| Survivor benefits |
0.009 |
|
0.010 |
|
| Health care |
0.246 |
|
0.251 |
|
| Vocational rehabilitation |
0.035 |
|
0.040 |
|
| |
------ |
|
------ |
|
| Average benefit cost rate |
0.73 |
* |
0.78 |
* |
| Claim administration |
0.19 |
|
0.17 |
|
| Accident fund adjustment |
0.12 |
|
0.12 |
|
| Penalty and ER imbalance adjustment |
-0.04 |
|
-0.04 |
|
| Other administration costs |
0.14 |
|
0.14 |
|
| |
----- |
|
----- |
|
| Total cost rate |
1.14 |
|
1.17 |
|
| Amortization adjustment |
-0.05 |
|
-0.02 |
|
| |
----- |
|
----- |
|
| Actuarial rate (per $100 of assessable payroll) |
1.09 |
|
1.15 |
|
| |
| (Without adjustments for direct charges relating to industry-funded initiatives, prevention inspection exemptions, or funding policy requirements, if applicable.)
|
| * Rounded to two decimal places |
|
See an explanation of cost component terms.
