One-half of employers projected to see a decrease in industry base rate
WorkSafeBC has announced that the preliminary average base rate for 2019 will remain unchanged, at 1.55 per cent of employers’ assessable payroll.
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.
Each year, the costs in some rate groups go up, some go down and others stay the same. In 2019, 51 per cent of employers in British Columbia are projected to experience a decrease in their industry base rate, 47 per cent will see their industry base rate increase and two per cent will see no change.
“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,” the agency said.
WorkSafeBC is conducting consultations with stakeholders through September where it will provide information about upcoming proposed rates and injury trends in B.C., and to discuss how to prevent injuries and reduce claim costs.