Discussion Paper - Net Rate Transitioning for Classification Changes Consultation
WorkSafeBC must occasionally change a firm’s classification unit. Sometimes, a firm that is reclassified will suffer financial hardship because its new net assessment rate is much higher than the rate it paid under its previous classification unit.
Under the proposed Net Rate Transitioning Program, instead of a qualifying firm paying its new net assessment rate – or “target rate” – right away, the firm would transition to its target rate over a period of up to three years.
The Policy and Regulation Division prepared a discussion paper and draft Assessment Manual policy on the proposed Net Rate Transitioning Program for stakeholder review and comment.
Consultation closed September 7, 2012.