WorkSafeBC has announced that the average base premium rate for 2014 will be higher due to increased claim costs and softened investment returns.

The average rate per $100 of employers’ assessable payroll is projected to increase to $1.70 from $1.63, a 4.8% rise in nominal terms.

To put this increase in perspective, WorkSafeBC says a small business employer with a payroll of $500,000 and an average premium rate would see a rate increase of $400 for the year, or $33 per month.

Seventy-seven percent of employers will experience an increase to their industry base premium rate, 18% will see a decrease, and 5% will experience little or no change.

WorkSafeBC will be consulting with stakeholders on the expected rates over the course of the next two months. A final decision on premium rates for 2014 will be made by its board of directors in October.

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