WorkSafeBC proposes 7.6-per-cent-decrease in average premium rate
Workers compensation premiums will hit a 30-year low this year in British Columbia. For the fourth straight year, WorkSafeBC, the province's workers' compensation board, has proposed a reduction in the average premium base rate.
“This is a good news story for BC employers and their workers,” said WorkSafeBC chief financial officer, Sid Fattedad. “Base rates will be among the lowest in Canada."
The proposal is for a 7.6-per-cent reduction, which would result in the average premium base rate dropping from $1.69 per $100 of payroll to $1.56.
Reasons for the reduction include a healthy stock market, which has left WorkSafeBC coffers with a large surplus, as well as a static injury rate.
"With the help of employers and workers engaging in safe work practices and effective return-to-work programs, we are sure that the cost of injuries can remain on a declining track," said Fattedad.
Overall, 73 per cent of employers will see reductions in their 2008 base rates, 11 per cent will see their rates remain unchanged and 16 per cent of employers’ rates will increase.
Industries whose rates are projected to increase include bus lines (12 per cent), ferry services (20 per cent), convenience stores, furniture stores and flooring Stores (20 per cent), greenhouses (19 per cent), coffee shops (17 per cent), and gas utilities (six per cent).
“Premiums are primarily driven by injury costs,” said Fattedad. “It’s important to recognize that industries can decrease their rates by improving safety and return-to-work programs with effective disability management.”
“This is a good news story for BC employers and their workers,” said WorkSafeBC chief financial officer, Sid Fattedad. “Base rates will be among the lowest in Canada."
The proposal is for a 7.6-per-cent reduction, which would result in the average premium base rate dropping from $1.69 per $100 of payroll to $1.56.
Reasons for the reduction include a healthy stock market, which has left WorkSafeBC coffers with a large surplus, as well as a static injury rate.
"With the help of employers and workers engaging in safe work practices and effective return-to-work programs, we are sure that the cost of injuries can remain on a declining track," said Fattedad.
Overall, 73 per cent of employers will see reductions in their 2008 base rates, 11 per cent will see their rates remain unchanged and 16 per cent of employers’ rates will increase.
Industries whose rates are projected to increase include bus lines (12 per cent), ferry services (20 per cent), convenience stores, furniture stores and flooring Stores (20 per cent), greenhouses (19 per cent), coffee shops (17 per cent), and gas utilities (six per cent).
“Premiums are primarily driven by injury costs,” said Fattedad. “It’s important to recognize that industries can decrease their rates by improving safety and return-to-work programs with effective disability management.”
