On Jan. 1, 2011, the maximum assessable/insurable earnings in Nova Scotia will increase from $50,800 to $52,000.
The figure is used by the Board to determine the maximum benefit payable to injured workers in 2011, and also represents the maximum assessable earnings per worker to be reported by employers on 2011 payrolls. (WCxKit)
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 1 January each year. The 2011 maximum was based on information collected during the period April 1, 2009 to March 31, 2010.
For example: suppose an injured worker earns $60,000 a year in wages. For the purposes of calculating an earnings replacement benefits, the WCB will use a wage figure of $52,000 for that worker, which is the insurable portion of the earnings.
Similarly, for the worker's employer, wages would only be reported until such time as the $52,000 maximum for the year is reached. (WCxKit)
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 Rebecca Shafer, JD, President of Amaxx Risks Solutions, Inc. is a national expert in the field of workers compensation. She is a writer, speaker and website publisher. Her expertise is working with employers to reduce workers compensation costs, and her clients include airlines, healthcare, printing/publishing, pharmaceuticals, retail, hospitality and manufacturing.
Contact: [email protected] .
WORK COMP CALCULATOR: http://www.LowerWC.com/calculator.php
MODIFIED DUTY CALCULATOR: http://www.LowerWC.com/transitional-duty-cost-calculator.php
JOIN LINKEDIN WC GROUP: http://www.linkedin.com/groups?homeNewMember=&gid=1922050/
SUBSCRIBE: Workers Comp Resource Center Newsletter
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.
JOIN LINKEDIN WC GROUP: http://www.linkedin.com/groups?homeNewMember=&gid=1922050/
SUBSCRIBE: Workers Comp Resource Center Newsletter
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.
©2010 Amaxx Risk Solutions, Inc. All rights reserved under International Copyright Law. If you would like permission to reprint this material, contact [email protected].
