Sixth straight year that the average base rate will be 1.55 per cent
WorkSafeBC announced today that the preliminary average base rate for 2023 will remain unchanged at 1.55 per cent of employers’ assessable payroll. This will be the sixth year in a row that the average base rate has remained at this level, consistent with WorkSafeBC’s goal of keeping rates stable.
Annual base premium rates are driven by provincial 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 industries go up, some go down and others stay the same. In 2023, 50 per cent of employers in B.C. are projected to experience a decrease in their industry base rate, 37 per cent will see their industry base rate increase, and 13 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 preliminary average base rate of 1.55 per cent for 2023 will be less than the expected cost rate of 1.80 per cent.
Consultations with stakeholders will take place in July, with general information sessions scheduled virtually on July 18 and 20. 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. Further details are posted online at worksafebc.com.
The Workers Compensation Act requires WorkSafeBC to set premium rates annually for employers in order to pay for the workers’ compensation system.
WorkSafeBC’s Board of Directors will finalize the 2023 premium rates in October of this year.
WorkSafeBC engages workers and employers to prevent injury, disease, and disability in B.C. When work-related injuries or diseases occur, WorkSafeBC provides compensation and support to people in their recovery, rehabilitation, and safe return to work. We serve approximately 2.49 million workers and 263,000 employers across B.C.
For more information, contact:
Media Relations, WorkSafeBC