Organization marks fifth consecutive year of keeping rates stable
Even with more people expected to be back in the workplace next year, WorkSafeBC’s preliminary average base rate will remain unchanged at 1.55 per cent of employers’ assessable payroll, according to the organization.
WorkSafeBC’s preliminary average base rate of 1.55 per cent for 2022 will be less than the expected cost rate of 1.76 per cent.
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.
In 2022, 60 per cent of employers in B.C. are projected to experience a decrease in their industry base rate, 23 per cent will see their industry base rate increase and 17 per cent will see no change, according to WorkSafeBC.
WorkSafeBC will hold consultations with stakeholders this month with general information sessions scheduled virtually on July 19 and 21.
“These consultations are an opportunity for WorkSafeBC to 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,” it said.
Previously, WorkSafeBC published its high-risk strategies (HRS) and industry initiatives for 2021–2023, targeting industries and employers where the risks of serious injuries and fatalities are the highest.