Yukon Workers' Compensation Health and Safety Board

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Policies

Policy FA-05 - Funding Policy

Effective Dates

October 27, 2009 and still in effect

Series

Finance and Administration

General Information

The Board of Directors of the Yukon Workers’ Compensation Health and Safety Board (YWCHSB) plays a key role in the financial stewardship of the workers’ compensation system. The funding policy establishes a framework that ensures the financial security and sustainability of the compensation system in the long term. The framework strives for equity among generations of employers by charging today’s employers for today’s injury and administration costs. Under the funding framework, the assessment rates set for employers should be stable and predictable.

The reserves protect the workers’ compensation system from a variety of risks and uncertainties that could have significant financial implications. The levels of these reserves will be based on amounts necessary to protect the compensation system against these risks and uncertainties.

Purpose

This policy guides the Board of Directors to ensure a sound financial position is maintained by the Board of Directors, that fiduciary responsibilities are in accordance with the Workers’ Compensation Act S.Y. 2008 (the "Act") and that the Board of Directors exercises prudence, discretion and intelligence.