Whats a retirement benefit?
A retirement benefit is compensation set aside by WorkSafeBC for workers entitled to permanent disability benefits and is in addition to those permanent disability periodic payments. A worker may also choose to contribute some of his/her permanent disability periodic payments to the retirement benefit. The retirement benefit is paid as a lump sum when periodic permanent disability benefits cease (age 65, or the retirement date determined by WorkSafeBC). If a worker dies before 65, the retirement benefit is paid to a named beneficiary/estate. Retirement benefits are intended to compensate a worker for the impact the worker’s permanent disabilities have on his/her ability to accumulate retirement savings (see section 23.2 of the Workers Compensation Act, and Chapter 18 of the RSCM for details on retirement benefits).
Related Questions
- What is the process for applying for retirement? Is Benefit Express prepared to answer questions from those contemplating retirement?
- How do railroad retirement and social security lump-sum death benefit provisions differ?
- Do you think that Disabled veterans should have to pay taxes on their Benefit checks?
