Yukon workers' compensation system to provide employers with a further $5-million rebate
December 6, 2018
For the fourth year, the Yukon Workers’ Compensation Health and Safety Board (YWCHSB) will distribute a rebate to eligible Yukon employers. The 2018 rebate amounts to approximately $5 million.
The unprecedented growth in global financial markets contributed to this exceptional circumstance. The Compensation Fund still has more than it needs to provide excellent care to every Yukon worker injured on the job. A five million dollar distribution allows us to continue moving towards the target range while providing downside protection to the Compensation Fund if market corrections continue.
From 2012 through to the end of 2018, close to $59.9 million will have been distributed to Yukon employers in the form of rate subsidies and rebate cheques.
YWCHSB aims to maintain its Compensation Fund at between 121 and 129 percent, a range established through consultation with worker and employer stakeholder groups. This surplus guarantees that the funds are available to meet not only the current needs of injured workers but also any future unanticipated needs, if required.
At the end of 2017 the Compensation Fund’s surplus position was 143 percent, down from its peak of 160 percent at the end of 2014.
Before the end of the year, YWCHSB will begin issuing cheques to eligible employers who are in good standing with the organization.
“We take a measured approach to reducing the surplus in the Compensation Fund. A $5-million distribution means that we are moving cautiously towards our target range in a step-by-step fashion.”
-Mark Pike, Chair, Board of Directors
“We work to ensure the workers’ compensation system represents a balance of accountability to both workers and employers. The interests of workers in our care must be protected for the long term. At the same time, employers should be contributing funds to the system at a rate that is fair to them while also accurately representing its actual costs.”
-Kurt Dieckmann, President/CEO