Rates for the Workers' Compensation Benefit (WCB) and Workplace Safety and Insurance Board (WSIB) across the country can look slightly different. Some are written as a dollar amount, some as a percentage, and some even come with confusing calculation formulas!
This article will help you understand how Humi defines these rates so you can set up your Workers' Compensation Feature with confidence.
Looking for a full walkthrough?
For detailed instructions about how to set up your Workers' Compensation Feature, check out our Workers' Compensation Setup Guide.
How do you enter your Workers' Compensation Rate in Humi?
The workers' compensation rate in Humi should be entered as a numeric value. Be sure to avoid any symbols or letters, as Humi will not recognize them. Check out the table below for some examples.
| Example Rate | Enter as |
|---|---|
| 0.19% | 0.19 |
| $1.60 | 1.60 |
| 0.22% or 22 cents/ $100 | 0.22 |
What about the formulas on my WCB form?
Our system is clever and can do these calculations for you. Just enter your rate, and Humi will take care of the rest!
How to Create a New Workers' Compensation Rate in Humi?
The steps below will take you through setting up a new rate in your Workers' Compensation Feature in Humi.
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- In Payroll, go to Workers' Comp and click on the + Workers' Comp Rate button in the top right
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Enter the Rate Name, Applicable year, Province, and Rate
- The rate name is a free text field; you can name the rate whatever you choose and can edit this field later
- The applicable year, in this case, will be 2023. This field is NOT editable later
- The applicable province. This field is NOT editable later
- The rate of assessable earnings for the relevant province. This field is NOT editable later
- When you're ready, click Create New Rate to save the rate in Humi
What if my employee changes provinces?
In Humi, you can easily adjust an employee's assigned rate whenever necessary. The first step is to unlink the employee from their current rate. Once that's done, they're no longer tied to that rate and are ready to be assigned a new one.
Don't worry, all historical data linked to their old rate will stay safe and sound in the system. This means all past earnings and related information won't be touched.
Once the rate change is in place, all future earnings will be based on this new rate. It's a smooth transition from one rate to another, making sure the employee's earnings match their new rate going forward.
Hopefully, this helped make entering your worker's compensation rates into Humi a breeze! Check out the articles below for more information about the Payroll module.
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