Section #: 
22.70.20
Effective date: 
Wednesday, January 1, 1992
Last update: 
Thursday, August 25, 2016

Policy Purpose

Section 80(6.1) of the Workers Compensation Act provides that employers are liable to pay interest on the shortfall between estimated and actual amounts of assessable payroll. The board has established, by regulation, interest rates to be applied in those circumstances.

The board has also determined that relatively minor variances between estimated and actual assessable payrolls do not warrant application of interest charges on the outstanding balances of assessments payable to the WCB.

Effective January 1, 1993, the board has further determined that under specific circumstances, the board may not pursue collection of the interest if there are valid business reasons which an employer could not foresee, which caused the firm to legitimately under estimate its probable amount of payroll.

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