WSCB announces 2023 assessment rates at annual information meeting
| September 14, 2022
Workers’ Safety and Compensation Board (WSCB) held its annual information meeting today. The board discussed operational highlights and the financial performance from the previous year, as outlined in the 2021 Annual Report.
The board also announced industry classifications and assessment rates for 2023. The rates are reflective of safety and return to work efforts within Yukon’s workplaces, along with the funded position at the end of 2021.
WSCB’s Board of Directors is pleased that the adjustments in rates for 2023 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 majority of industries will see a decrease for 2023. Services High will see the largest decrease next year, going down 8.5 per cent, from $2.48 to $2.27. Services Medium will experience the second largest rate decrease, going down 7.6 per cent, from $1.72 to $1.59. Construction Medium will rise 3.1 per cent from $3.25 to $3.35. Resources & Transportation High will experience the second highest rate increase, rising 2.6 per cent from $7.24 to $7.43.
Two industries will be reclassified for 2023 to better reflect their claims cost experience: 303 Bulk Oil Dealers and 316 Outfitting.
The funded position increased from 132 per cent in 2020 to 143 per cent in 2021. However, market instability in 2022 has highlighted the importance of maintaining a strong funded position. Inflation, and market fluctuation impacted all areas, including the Compensation Fund.
Policy requires that WSCB 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. Maintaining this position means the Board of Directors is able to set rates that are stable and reduce volatility in these uncertain times.
When the funded position approaches target levels, rates move towards actual costs of the compensation and workplace health and safety systems. This means assessment rates will move to reflect the actual costs of the system going forward. With the downturn in global investment markets, the funded position is within the target range.
Visit our website for more information on the 2023 assessment rates and industry classifications.
Quotes
“We are pleased that the Yukon’s safety and return to work culture has contributed to relatively stable assessment rates. As workplace health and safety and return to work practices are improved through partnership between employers and workers, assessment rates will reflect those efforts.”-Board of Directors Chair, Mark Pike
“Our goal of zero workplace injuries is an ongoing collaboration with all Yukoners. Our annual report reflects our successes in moving towards a workplace where the priority is keeping each other safe so that we can all go home at the end of the day.”
-President/CEO, Kurt Dieckmann
2023 Industry Classifications and Assessment Rates
| Rate group | 2023 rate | 2022 rate | Change |
| Resources & Transportation Low | $2.45 | $2.65 | -7.5% |
| Resources & Transportation Medium | $4.40 | $4.71 | -6.6% |
| Resources & Transportation High | $7.43 | $7.24 | 2.6% |
| Construction Medium | $3.35 | $3.25 | 3.1% |
| Construction High | $4.92 | $4.92 | 0.0% |
| Services Low | $0.76 | $0.76 | 0.0% |
| Services Medium | $1.59 | $1.72 | -7.6% |
| Services High | $2.27 | $2.48 | -8.5% |
| Government | $1.84 | $1.87 | -1.6% |
Contact
Heather Avery
Workers’ Safety and Compensation Board
Phone: 867-332-4794
Email: [email protected]