Assessment rates announcement reflects Yukon’s performance in workplace safety and return to work efforts
Yukon Workers’ Compensation Health and Safety Board (YWCHSB) is announcing industry classifications and assessment rates for 2021. The rates are reflective of safety and return to work efforts within Yukon’s workplaces, along with the strong funded position at the end of 2019.
Construction High will experience the largest rate decrease, going down 6.5 per cent, from $5.39 to $5.04. Resources & Transportation Low will see the second largest decrease next year, going down 6.4 per cent, from $2.97 to $2.78. Services Low, Services Medium and Construction Medium are unchanged in 2021, remaining at $0.73, $1.67 and $3.20, respectively. The Government rate group, which includes the Government of Yukon as well as First Nations and municipal governments, will rise 6.7 per cent from $1.65 to $1.76.
YWCHSB’s Board of Directors is pleased that the adjustments in rates for 2021 are moderate while permitting the organization to continue delivering on its commitment to reduce the funded position so that it accurately represents the cost of operating the system.
Policy requires that YWCHSB maintain a funded position between 121 and 129 per cent of total liabilities. This is to provide rate stability, protect the Compensation Fund from unforeseen catastrophic events and provide benefits to workers both now and well into the future.
While the funded position increased from 132% in 2018 to 141% in 2019, market uncertainties in 2020 due to the COVID-19 pandemic, warrant a close and careful watch on the funded position.
COVID-19 has highlighted the importance of maintaining a strong funded position. By maintaining a strong funded position the Board of Directors is able to set rates that can be stable and reduce volatility in these uncertain times, providing some relief to Yukon employers when they need it most.
Visit our website for more information on the 2021 assessment rates and industry classifications.
Quotes
“The Board of Directors is pleased to announce this year’s assessment rates. We are proud that the Yukon’s excellent safety and return to work culture has contributed to a moderate decrease for many rate groups. This decrease is reflective of the hard work that Yukon employers and workers are doing to ensure the health and safety of all Yukoners.”
-Board of Directors Chair, Mark Pike
“Our funding policy allows the Board of Directors to set rates that reflect the health and safety and return to work successes of Yukon workplaces. That being said, we all have work to do to reach our goal of zero workplace injuries. We must remind ourselves that together we can always do more to keep each other safe at work.”
-President/CEO, Kurt Dieckmann