WorkSafeBC will keep its average base premium rate at 1.55 per cent of assessable payroll in 2025, marking the eighth consecutive year the rate remains unchanged. The agency said it reached this decision because surplus funds have made it possible to maintain stability for employers while covering the costs of compensation for injured workers.
According to WorkSafeBC, the average base premium rate of 1.55 per cent is below the expected cost rate of 1.78 per cent. Surplus funds, largely generated by investment returns, have allowed WorkSafeBC to offset costs and keep rates below expected levels. Between 2019 and 2025, the agency projects that $2.5 billion of surplus funds will have been used to keep premiums stable.
WorkSafeBC said 59 per cent of employers in the province will see a decrease in their industry base rate in 2025, while 33 per cent will see an increase. Eight per cent will see no change.
The organization also said it is keeping a close eye on rising claim costs and a reduction in its surplus. If these trends continue, it may result in a moderate increase in premium rates in the near future.
The Workers Compensation Act requires WorkSafeBC to set premium rates each year. Those premiums fund the costs of work-related injuries or diseases, including health care, wage loss, rehabilitation and administration. WorkSafeBC does not receive funding from the provincial government.
