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On January 1, 2022, the maximum assessable/insurable earnings will increase from $64,500 to $69,000.
Maximum Assessable / Insurable Earnings 20162022Nova Scotia$58,200$69,000New Brunswick$61,800$69,200Qubec$71,500$88,000Ontario$88,000$100,4228 more rows
means Albertas employers will see the average premium rate increase only 3 cents to $1.17, rather than the $1.42 rate that would otherwise be required to cover all forecasted 2022 claim costs.
The Maximum Assessable/Insurable Earnings (maximum 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.
In most situations, your WCB benefit rate is based on 90% of net earnings. If your net earnings are less than or equal to minimum average earnings, your benefit rate will be 100% of net earnings.
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Workers with a date of accident on or after January 1, 2021, will be compensated at 90% of their yearly net earnings, to a maximum of $98,700. This maximum amount covers full wages for approximately 93% of Albertans. Cost-of-living adjustment (COLA) calculation is set annually by the WCB Board of Directors.
Compensation benefits are based on 90% of your net income, payable up to the 2021 maximum amount ($98,700 in 2021). This means if you earn more than the maximum, your compensation rate is based on the maximum amount.
Assessable earnings are the amount used to determine employer premiums. The earnings will be capped (per worker) at the MAE. In 2022 the MAE is $98, 700 and in 2023, the MAE is $102,100.
Workers with a date of accident on or after January 1, 2021, will be compensated at 90% of their yearly net earnings, to a maximum of $98,700. This maximum amount covers full wages for approximately 93% of Albertans. Cost-of-living adjustment (COLA) calculation is set annually by the WCB Board of Directors.
Workers are eligible to receive benefits for work-related injuries no matter who is at fault for the accident. WCB is funded entirely by employers. Employers and workers have immunity against lawsuits for work-related accidents by others who are also protected under the system.