WorkSafeBC has announced their preliminary 2018 insurance rate premiums (release here). In response to persistent CFIB lobbying efforts, average WorkSafeBC premiums will reduce from 1.65% to 1.55% per $100 of assessable payroll. Additionally, CFIB has engaged with WorkSafeBC to reduce the red tape burden for small business owners by proposing to reduce quarterly reporting requirements to a single annual report, to be implemented by the year 2020. They are consulting small business now.
Have your voice heard!
CFIB knows that there is still work to be done, however, regarding the overfunded reserve position that WorkSafeBC currently enjoys. WorkSafeBC has told us that they set their funding benchmark level at 130%, to be in-line with Capital Reserve Index regulations, in order to mitigate the risk of a financial collapse like 2008 significantly affecting insurance rates. However the fact remains that this position is over-funded with your money, and CFIB will continue to work hard to get it back into your pocket. Our legislative team plans to meet with WorkSafeBC executives in the coming weeks to continue discussions on how to make this a reality.
If you haven’t already done so, add your voice in support of this initiative. Fill out our WorkSafeBC Surplus Refund Action Alert and send it back to us today!