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Business Alert: No Change in WorkSafeBC Average Premiums for 2016
WorkSafeBC recently announced that the average “base premium rate” in 2016 will be unchanged from 2015, continuing the pattern from last year. The average rate charged to employers is being set at $1.70 per $100 of assessed payroll, exactly the same as in 2015.
This should come as welcome news for the employer community, particularly in light of a seeming onslaught of government-mandated and/or policy-driven cost increases in so many other areas (Medical Services Plan premiums, fuel taxes, electricity rates, water rental charges, environmental assessment fees, etc.).
After a period of generally stable rates, the average WorkSafeBC premium rose by ~5% in both 2013 and 2014. The cost curve now appears to have flattened, in part due to declining injury rates and the successful management of claims costs. Injury rates per 100 employees edged down in 2014, as did total claim and operating costs.