2013 - Cost components for Rate Group GQ:
The information presented below for this rate group provides a breakdown of the various costs involved in determining the actuarial rate. WorkSafeBC generally limits any resulting rate changes to 20 percent to dampen the financial impact to industry groups which might be significantly affected. Please refer to this rate group's main page to determine base rates for member classification units.
| |
2013 |
|
2012 |
|
| Cost rates |
Prelim |
|
Rate |
|
| Short term disability |
0.046 |
|
0.042 |
|
| Long term disability |
0.040 |
|
0.034 |
|
| Survivor benefits |
0.003 |
|
0.003 |
|
| Health care |
0.059 |
|
0.044 |
|
| Vocational rehabilitation |
0.010 |
|
0.006 |
|
| |
------ |
|
------ |
|
| Average benefit cost rate |
0.16 |
* |
0.13 |
* |
| Claim administration |
0.05 |
|
0.05 |
|
| Accident fund adjustment |
0.03 |
|
0.02 |
|
| Penalty and ER imbalance adjustment |
0.01 |
|
0.00 |
|
| Other administration costs |
0.03 |
|
0.03 |
|
| |
----- |
|
----- |
|
| Total cost rate |
0.28 |
|
0.23 |
|
| Amortization adjustment |
-0.01 |
|
-0.01 |
|
| |
----- |
|
----- |
|
| Actuarial rate (per $100 of assessable payroll) |
0.27 |
|
0.22 |
|
| |
| (Without adjustments for direct charges relating to industry-funded initiatives, prevention inspection exemptions, or funding policy requirements, if applicable.)
|
| * Rounded to two decimal places |
|
See an explanation of cost component terms.
