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Removing capitalized values of permanent disability awards from the experience rating calculation

Published on: November 24, 2017

On November 22, 2017, the Board of Directors approved a change to the experience rating (ER) policy item AP1-42-1 of the Assessment Manual.

WorkSafeBC will stop using the projected total cost, called the “capitalized value,” of permanent disability awards to calculate a firm’s ER. Instead, WorkSafeBC will use the amount of the permanent disability awards as they are paid out to workers over time.

The amended policy applies to rate determinations for the 2018 and later rate years.

You may also review the complete Resolution.

See the updated Assessment Manual.