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ARTICLE · 12 AUGUST 2013

WorkSafeBC Announces Increase In Workers’ Compensation Premiums For 2014

McCarthy Tétrault
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WorkSafeBC recently announced that there will be rate hikes again in 2014.

CanadaEmployment and HR
Christopher McHardy
Christopher McHardy
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WorkSafeBC recently announced that there will be rate hikes again in 2014.  This will mean that most employers in British Columbia can expect to pay higher premium costs for the second year in a row.  WorkSafeBC projects that employers will pay an average base premium rateof 4.8% more in 2014.  This is close to the increase employers experienced last year (5% in 2013).  In dollar terms, this means that on average, the 2014 average premium rate will be $1.70 for every $100 of assessable payroll (which is up 7 cents from $1.63 in 2013).

WorkSafeBC reports that the two main causes for the increase in rates are (i) increased claims costs (largely related to an increase in the volume of long-term disability awards, and increasing health care costs, and (ii) poorer than expected returns on WorkSafeBC's investment portfolio.  According to WorkSafeBC, this means that a small business with a payroll of $500,000, with an average premium rate, will experience a rate increase of

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