Learn About Our Current Rates
Workers’ compensation is an insurance system. The cost of funding it is a direct reflection of the cost associated with compensating workers for lost time and wages due to workplace injuries. Safer workplaces mean fewer injuries, which translates into lower rates.
There are two rates that are important to employers: industry assessment rates and the average assessment rate.
Industry Assessment Rates
Assessment rates are quite simple. They represent a dollar value that is paid by an employer for every $100 in payroll that is declared. Different types of businesses will pay different assessment rates based on the “classification” that they fit into.
As an example, consider an adventure tourism company. It would fall into the “Outfitting” classification, which has an assessment rate of $3.41 in 2014. Let’s say that company declares $100,000 in payroll this year. Based on that, this employer will pay $3,410 in assessment fees.
Average Assessment Rate
The average assessment rate is an average of the rates paid by all Yukon employers. It is a number that indicates trend in our system. For example, if the average assessment rate is stable or dropping, then it suggests factors affecting the cost of running the entire system – claims, administration, and investments – have improved or remained the same.