WorkSafeBC announces preliminary premium rates for 2018
WorkSafeBC announced today that the preliminary average base rate for 2018 will be 1.55 percent of employers’ assessable payroll.
WorkSafeBC is committed to preventing workplace injury and illness and protecting the lives and safety of all of British Columbia's workers. When work-related injuries or illnesses do occur, the organization works to deliver effective and respectful care and service to support injured workers in their recovery and return to work.
The Workers Compensation Act requires WorkSafeBC to set premium rates annually for employers in order to pay for the workers' compensation system.
Premium rate increases and decreases are driven by injury rates, return-to-work performance and the resulting cost of claims, as well as being impacted by investment performance relative to required rates of return. Each year, costs in some rate groups go up, some go down and others stay the same.
In 2018, 63 percent of employers in B.C. are projected to experience a decrease in their industry base rate, 11 percent will see no change, and 26 percent will see their industry base rate increase.
For 2017, the average base rate is 1.65 percent. The decrease in the preliminary average rate for 2018 reflects a combination of the costs and investment returns which impact rates annually and the phasing in of an adjustment to the funding level target for the system to 130 percent of liabilities.
During this time of transition, a review of WorkSafeBC's strategic priorities and initiatives is underway to strengthen our prevention and enforcement strategies and enhance services and support for injured workers.
Consultations with stakeholders will take place in October. These consultations are an opportunity to provide information about upcoming proposed rates, the injury trends in B.C., and to discuss how to prevent injuries and reduce claims costs. Further details will be posted online at worksafebc.com.