The Worker’s Compensation Authority (WC) collects money based on the payrolls of the employers in each state/province, the money collected goes into an ‘Accident Fund’, WC then pays compensation costs out from this fund.
These employers pay WC assessments every year based on their employee’s earnings and on the type of industry they are in.
The employers are required to remit the WC assessments contribution to the Worker’s Compensation authority on a timely basis and therefore employers must calculate their WC contribution while the employees are being paid.
Wiki provides for the definition and calculation of employer premiums. It is then the responsibility of the user to gather the totals and remit on the appropriate interval to the associated authority. Other Wiki historical reports can be used to obtain these summarized numbers.
WC rates can vary by class of worker and the names of these classes are maintained here.
The WC class can be entered on any assignment record (not just the prime).
The WC Calculation method is determined by state/province in the Maintain WC Information (IPWC) form with the ability to turn it on or off.
The method should be set to ‘Calculate’ in IPWC and it can be overridden to ‘Do Not Calculate’ at the Employee level (IPRLU/IPRLC) or at the Pay Category Level (IPPGC/IPPGU).
WC calculations are performed based on the individual pay lines on pays assessed. Position, job, or employee’s assignment can assign the class. Wiki looks first at the payline, then the employee’s assignment, the position, and finally at the job to determine the WC class.
PC Usage 7003 must be assigned to the Earnings Pay Component, Usage 7004 must be assigned to the premium pay component, Usage 7005 must be assigned to the excess earnings component.
PC Usage | Usage Description |
---|---|
7003 | WC Earnings |
7004 | WC Premium |
7005 | WC Excess Earnings |
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