WorkSafeBC announces 2014 preliminary rates • New Brunswick reviewing WCB legislation
WorkSafeBC announces 2014 preliminary rates
The 2014 average base premium rate for British Columbia employers is projected to be higher by less than one-tenth of one per cent of the average employer’s total payroll costs, according to WorkSafeBC. This follows a similar increase for 2013, after nearly a decade of level or declining rates.
The average rate per $100 of employers’ assessable payroll is projected to increase from $1.63 to $1.70, a 4.8 per cent rise in nominal terms.
To put this in perspective, a business with a payroll of $500,000 and an average premium rate would see $400 rate increase for the year, or $33 per month.
The increase is due to two main factors:
• increased claim costs — the cost rate has grown to $1.77 as compared to $1.66 in the previous year
• softened investment returns.
New Brunswick reviewing WCB legislation
New Brunswick is embarking on a three-year, multistage review of its workers’ compensation legislation.
The first stage of the review will include a discussion paper and stakeholder consultations with a focus on the following components of the Workers’ Compensation Act and the Workplace Health, Safety and Compensation Commission Act.
Members of the public are invited to share their comments online at www.gnb.ca/consultations.