The WCB is changing its current rate model after consultations with stakeholders last year. Employers can expect changes to take effect in 2016 and 2017. Highlights:
- Rate setting for small and medium employers that will place more weight on the collective experience of their industry
- Compression of the risk categories so there’s not as much range between the maximum and minimum rates that employers can pay
- Reduction of the annual change limit that regulates how much rates are allowed to go up or down in one year.
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