WorkSafeBC announces preliminary premium rates for 2019
Richmond, B.C. — WorkSafeBC announced today that the preliminary average base rate for 2019 will remain unchanged, at 1.55 percent of employers’ assessable payroll.
Annual base premium rates are driven by injury rates, return-to-work performance and the resulting cost of claims, as well as investment performance relative to required rates of return.
Each year, the costs in some rate groups go up, some go down and others stay the same. In 2019, 51 percent of employers in B.C. are projected to experience a decrease in their industry base rate, 47 percent will see their industry base rate increase and two percent will see no change.
WorkSafeBC’s strong financial position in recent years has allowed the average base premium rate to be discounted below the average cost of claims, with the difference funded from higher-than-required investment returns. The preliminary average base rate of 1.55 percent for 2019 is less than the expected cost rate of 1.68 percent.
Consultations with stakeholders will take place through September, with general information sessions scheduled in many areas of the province from July 16 to 24. These consultations are an opportunity for WorkSafeBC to provide information about upcoming proposed rates and injury trends in B.C., and to discuss how to prevent injuries and reduce claim costs. Further details will be posted online at worksafebc.com.
The Workers Compensation Act requires WorkSafeBC to set premium rates annually for employers in order to pay for the workers' compensation system.
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For more information, contact:
Craig Fitzsimmons
Media Relations, WorkSafeBC
Tel: 604.276.5157
Email: media@worksafebc.com