Yukon Workers’ Compensation Health and Safety Board (YWCHSB) held its annual information meeting today. The Board discussed operational highlights and the financial performance from the previous year, as outlined in the 2020 Annual Report. The report was released in May of this year.
The Board also announced industry classifications and assessment rates for 2022. 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 2020, despite the COVID-19 pandemic.
Resources & Transportation Low will see the largest decrease next year, going down 4.7 per cent, from $2.78 to $2.65. Services High will experience the second largest rate decrease, going down 4.6 per cent, from $2.60 to $2.48. The Government rate group, which includes the Government of Yukon as well as First Nations and municipal governments, will rise 6.3 per cent from $1.76 to $1.87.
YWCHSB’s Board of Directors is pleased that the adjustments in rates for 2022 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.
The funded position decreased from 141 per cent in 2019 to 132 per cent in 2020. Now, as the funding position approaches target levels, rates are moving towards actual costs of the compensation and occupational health and safety systems.
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.
COVID-19 has highlighted the importance of maintaining a strong funded position. Maintaining this position means the Board of Directors is able to set rates that are 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 2022 assessment rates and industry classifications.
Quotes“The Board of Directors is pleased to announce next year’s assessment rates. We are pleased that the Yukon’s excellent safety and return to work culture has contributed to a moderate decrease for some and a moderate increase for other rate groups. The bottom line is, as employers and workers collaborate on improving workplace health and safety and return to work outcomes, those efforts will be reflected in assessment rates.”
-Board of Directors Chair, Mark Pike
“While assessment rates can generally be viewed as a financial aspect of our system, the true measure of our success lies elsewhere. It’s in people, not money. 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
2022 Industry Classifications and Assessment Rates
|Rate group||2022 rate||2021 rate||Change|
|Resources & Transportation Low||$2.65||$2.78||-4.7%|
|Resources & Transportation Medium||$4.71||$4.66||1.1%|
|Resources & Transportation High||$7.24||$7.57||-4.4%|
Yukon Workers’ Compensation Health and Safety Board
Email: [email protected]