Sunday, June 23, 2024

WCB 2017 Rate Guide Released

WCB has released a copy of the 2017 Rate Guide.

The rates are set on the following principles:

  • Full funding. The costs of any given year will be fully funded by that year’s premiums. This means the premiums collected in 2017 need to cover all current and future costs for the claims from employers operating in 2017. (Over 70 per cent of those costs are paid well into the future.)
  • Collective liability. Your rate is affected by the claims experience and trends within your rate group. Costs are spread among all employers creating a balance between collective liability and individual employer accountability.
  • Accountability and incentives. Rates vary based on claims experience, so each employer and industry is accountable for their performance. Your performance and participation in incentive programs like Partnerships in Injury Reduction can help reduce this risk.

You can see the rate guide here.