This policy establishes criteria for an increase in rates of 4.7% midway through 2002. An increase in rates is required to ensure financial stability within the Board. However, a full year increase announced at the fourth quarter of 2001 may not allow employers enough time to budget for this increase. Therefore, it is appropriate to apply the increase in rates effective the second half of 2002.
This policy incorporates the following principles:
- Easily understood by employers
- Ease of administration for employers
- Ensure all employers are treated fairly and consistently in the application of the average rate increase. In order to ensure consistent treatment for all employers, the rate increase should be blended and applied to all earnings throughout the year. No impact upon employer's cash flow until the second half of 2002
- Employer's current payroll reporting activities are maintained.