This will be sixth consecutive time rate stayed the same
WorkSafeBC will keep the preliminary average base rate.
In 2023, the rate will remain unchanged at 1.55 per cent of employers’ assessable payroll.
This will be the sixth consecutive time the rate has stayed the same.
This is “consistent with WorkSafeBC’s goal of keeping rates stable,” according to the government organization.
Annual base premium rates are driven by provincial injury rates, return-to-work performance and the resulting cost of claims, as well as investment performance relative to required rates of return, WorkSafeBC explained.
The announcement came as the agency expects 50 per cent of employers in B.C. to experience a decrease in their industry base rate. Nearly four in 10 (37 per cent) will see their industry base rate increase and 13 per cent will see no change, it said.
“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,” said WorkSafeBC. “The preliminary average base rate of 1.55 per cent for 2023 will be less than the expected cost rate of 1.80 per cent.”
WorkSafeBC will also consult with stakeholders virtually on July 18 and 20, where provide an update on the financial state of the workers’ compensation system, rate and classification changes, and information on health and safety and return-to-work activities.
More details are available at worksafebc.com.
WorkSafeBC’s Board of Directors will finalize the 2023 premium rates in October of this year.
In April, the agency released a communicable disease prevention guide following the expiration of the order in the province requiring a COVID-19 Safety Plan.
Last month, Ontario’s Workplace Safety and Insurance Board (WSIB) announced it is giving small businesses a bigger sum for their health and safety efforts, and officially opened nominations for the Elizabeth Witmer Small Business Health and Safety Leadership Awards and have doubled the prizes for the winners.
Meanwhile, the Ontario Network of Injured Workers’ Group (ONIWG) demanded that the WSIB stop giving “unprecedented financial handouts.”
“When the new president came on, he said that he wanted to make things better for injured workers – and we were really hopeful,” said Janet Paterson, president of the group. With the previous announcements of awards for safety efforts, Paterson and the group are wondering when similar advantageous measures will be put into place for workers.
