COVID-19 relief update, November 2020
Living and working under a public health state of emergency has been an unprecedented experience for us all and the economic effects on business are profound.
Last spring, to help businesses hardest hit by the crisis deal with the financial challenges, we offered a set of reliefs that included the opportunity to revise payroll estimates and to defer payment of assessment premiums without interest or penalties.
As of January 1, 2021 we plan to reinstate the penalties and interest levies related to assessment premiums while continuing to work with employers impacted by COVID.
COVID-19 employer supports
For the latest local guidance, please review the orders and guidance issued by the Government of Yukon and the Chief Medical Officer of Health.
The Government of Yukon website has information about the Yukon Essential Workers Income Support Program.
About the COVID-19 reliefs available to Yukon businesses
The COVID-19 pandemic is placing unanticipated financial pressures on businesses around the world. This includes businesses in Yukon. To do our part in supporting employers through this difficult time, we are offering the following reliefs to businesses experiencing serious adverse financial impacts that are a result of the COVID-19 pandemic.
Those businesses who are facing significant impacts need to contact us to discuss options as soon as possible.
Businesses who are not facing significant impacts will follow all normal procedures regarding payment of assessment premiums.
Revise payroll estimates
At the beginning of the year, all businesses provided estimates of their total payroll and pay assessment premiums based on those estimates. Assessment premiums contribute to Yukon’s workers’ compensation system and ensure there are sufficient funds available to care for workers who are injured or become ill in Yukon workplaces.
The effects of the COVID-19 pandemic may have had a significant impact on those estimates for some businesses, and they may find themselves with a reduced workforce and lower payroll. We encourage those businesses experiencing significant financial impacts from COVID-19 to revise their original payroll estimates.
By revising their initial estimates based on these changes, employers may be eligible for lower payments, changing payment schedules or even in some cases a refund.
For more information, contact us.
For those businesses who have a significant change in estimate due directly to the effects of the COVID-19 pandemic, such as: having projects cancelled, having bookings cancelled, or a significant decrease in staff, partial or total refunds for 2020 assessment premiums may be considered.
For more information, contact us.Deferred Payments
Rather than make a lump sum payment of their assessment premium at the beginning of the year, some businesses receive/chose a payment schedule to spread payments out over the course of the year.
We may defer payments to a date that is appropriate for your business situation.
We encourage those businesses experiencing significant adverse financial impacts from COVID-19 to contact us. This may help them deal with the financial challenges faced under the current economic climate. There will be no interest penalty for changing the payment schedule.
For more information, contact us.