Section #: 
35.40.05
Effective date: 
Wednesday, January 1, 1992
Last update: 
Friday, May 1, 2020

 

Policy Purpose

 

To inform holders of the WCB Policy Manual of the interest rates established by Regulation for under - or over-assessments and for failure to pay assessments. It is not a WCB policy. 

The Interest, Penalties and Financial Matters Regulation establishes the interest rate that may be charged to employers for under assessment at the prime lending rate plus 3%, to be adjusted January 1 and July 1 of each year. The interest rate that may be charged to employers for failure to pay assessments is established at the prime lending rate plus 5%. 

The Interest on Over-Assessment Regulation establishes the interest rate that may be credited to employers for over assessment at the Provincial Treasury Bill Rate minus 1.5%, to be adjusted January 1 and July 1 each year.  

 

Role: