The Nova Scotia Workers’ Compensation Board reports on January 1, 2010, the maximum assessable/insurable earnings will increase from $49,400 to $50,800. This figure is used by the Board to determine the maximum benefit payable to injured workers in 2010, and also represents the maximum assessable earnings per worker to be reported by employers on 2010 payrolls.
The Maximum Assessable/Insurable Earnings refers to maximum annual earnings on which premiums are calculated for each worker of a covered employer, and on which benefits are calculated for those who are injured at work. The maximum is set by the WCB at 135.7% of the Average Industrial Wage in Nova Scotia, and is effective on January 1 of each year. The 2010 maximum is based on information collected from April 1, 2008 to March 31, 2009.
As an example: Suppose an injured worker earns $60,000 a year in wages. For the purpose of calculating an earnings replacement benefit, the WCB uses a wage figure of $50,800 for the worker — the insurable portion of the earnings. (workersxzcompxzkit)
Similarly, for the worker’s employer, wages would only be reported until such time as the $50,800 maximum for the year is reached. After that point, any wages would be considered wages in excess of the maximum, and should be left out of the employer’s assessable wage calculation.
Author Robert Elliott, executive vice president, Amaxx Risks Solutions, Inc. has worked successfully for 20 years with many industries to reduce Workers’ Compensation costs, including airlines, health care, manufacturing, printing/publishing, pharmaceuticals, retail, hospitality and manufacturing. He can be contacted at: [email protected] or 860-553-6604.
WC Books: http://www.reduceyourworkerscomp.com/workers-comp-books-manuals.php
TD Calculator: www.ReduceYourWorkersComp.com/transitional-duty-cost-calculator.php
WC Calculator: http://www.reduceyourworkerscomp.com/calculator.php
Do not use this information without independent verification. All state laws vary. You should consult with your insurance broker or agent about workers’ comp issues.
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