YWCHSB delivers $10-million rebate to employers
| January 21, 2021
The Yukon Workers’ Compensation Health and Safety Board (YWCHSB) is distributing a rebate to eligible Yukon employers this month. The rebate amounts to approximately $10 million.
In light of the hardship experienced by Yukon businesses due to the pandemic, YWCHSB has eased the criteria for employers to be eligible for the rebate. This year, for those businesses with 2020 assessment payments owing, YWCHSB will apply the rebate to their outstanding balance and refund any remaining credit.
Rebates are one method for bringing the Compensation Fund—the fund used to compensate and care for injured workers—closer to its target range of between 121 and 129 percent. The range is designed to keep employer assessment rates stable and to protect the Fund from catastrophic workplace events and fluctuations in global financial markets. When the Compensation Fund is within the range, funds are available to meet not only the current and future costs for injured workers but also any future unanticipated costs.
At the end of 2019, the Compensation Fund’s funded position was 141 percent. This meant the Fund was well-prepared for 2020, when there was a drastic drop in the markets precipitated by the COVID-19 pandemic lockdowns. As we move through these uncertain times, markets have stabilized and the Fund remains strong.
YWCHSB will begin issuing cheques to eligible employers this month.
Quotes
“The rebate demonstrates the Board of Directors’ continued commitment to moving the Compensation Fund towards the target range. At the same time, we maintain a cautious, gradual approach so as to minimize volatility in the assessment rates paid by employers.”
– Board of Directors Chair Mark Pike
“We are pleased to be in a position to provide this rebate as a result of prudent management of the Compensation Fund. It will provide valuable financial relief to Yukon employers, especially those hardest hit by the COVID-19 pandemic.”
– YWCHSB President/CEO Kurt Dieckmann
Quick facts
- YWCHSB maintains a Compensation Fund as a requirement of the Workers’ Compensation Act. The Fund contains enough money to cover the total current and future costs of caring for workers injured on the job.
- YWCHSB established the target range (121 to 129 percent) for the Compensation Fund through consultation with worker and employer stakeholder groups.
- This is the fifth rebate to employers. Previous rebates were distributed annually from 2015 to 2018.
- By the end of 2019, we have distributed approximately $63 million through surplus distributions and assessment rate reductions.
Heather Avery
Phone: 867-332-4794
Email: [email protected]