The workers’ compensation 2025 maximum assessable earnings has been confirmed, and the amount will increase from $76,955 to $79,345. This change will impact your payroll obligations in calculating your premiums.
Employers should take the following steps to ensure compliance with the 2025 regulations:
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Update Payroll Systems: Ensure your payroll software is updated to reflect the new maximum assessable earnings limit. This will ensure accurate reporting for workers' compensation.
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Review Budget and Costs: The increase may result in higher workers' compensation premiums. Factor this into your budget for 2025 and consider any necessary adjustments.
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Check Compliance: Ensure that your report to the workers' compensation board is compliant with the new earnings cap. This will help prevent errors and potential penalties.