Weaker Investment Returns Expected to Contribute to Future Increases
WorkSafeBC (WSBC) has released its “preliminary” rates for 2013, and it’s fair to say the news isn’t good for most employers. The average base premium rate charged to BC employers is poised to increase by 5% in 2013, reaching $1.62 per $100 of assessable payroll. Note that this marks the first average base rate increase in nine years. BC’s workers’ compensation system has an impressive record of controlling costs and limiting the rise in employer premiums, compared to the systems in most other provinces and American states. However, after almost a decade of flat/declining base premium rates, many employers are about to experience a sizable jump in workers’ compensation costs – not just in 2013, but likely stretching over several years. Click here to read the full article.