RICHMOND, B.C. — WorkSafeBC is reporting B.C. employers will see no change to the average base premium rate in 2025.
For the eighth consecutive year, WorkSafeBC has set the average base rate at 1.55 per cent of assessable payroll (or $1.55 per $100 of payroll), states a release.
In 2025, 59 per cent of employers in B.C. will experience a decrease in their industry base rate, 33 per cent will see their industry base rate increase and eight per cent will see no change.
WorkSafeBC states surplus funds have allowed the organization to keep the average base premium rate below costs. For example, the average base premium rate of 1.55 per cent for 2025 is less than the expected cost rate of 1.78 per cent.
“Between 2019 and 2025, WorkSafeBC projects that $2.5 billion of surplus funds will have been used to keep premium rates stable and below the expected cost to deliver services,” the release reads.
When it comes to the year ahead, WorkSafeBC is seeing upward claim-cost pressures and a continued reduction in the surplus, which means premium rates may increase moderately in the near future.
“WorkSafeBC will continue to closely monitor cost pressures and keep rates as stable as possible,” it says.
Premiums fund the costs associated with work-related injuries or diseases, health care, wage loss, rehabilitation and administration.
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