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.
On January 1, 2024, the maximum assessable/insurable earnings will increase from $69,800 to $72,500. This figure is used by WCB Nova Scotia to determine the maximum benefit payable to workers in 2024, and also represents the maximum assessable earnings per worker to be reported by employers on 2024 payrolls. Employers who use accounting services or payroll service providers are encouraged to pass this information along.
The maximum is set by WCB at 135.7% of the Average Industrial Wage in Nova Scotia, and is effective January 1 of each year. The 2024 maximum was based on information collected during the period April 1, 2022 to March 31, 2023.
For example, suppose a worker earns $76,000 a year in wages. To calculate an earnings replacement benefit, the WCB will use a wage figure of $72,500 for that worker, which is the insurable portion of their earnings. Similarly, for the worker's employer, wages would only be reported until such time as the $72,500 maximum for the year is reached. After that point, any wages are considered wages in excess of the maximum, and should be left out of the employer's assessable wage calculation.
For more information, please call us at 1-800-870-3331.