Yukon Chamber Actively Engages with Yukon Workers’ Compensation Health and Safety Board The Yukon Chamber of Commerce (YCC) attended the Yukon Workers’ Compensation Health and Safety Board’s (YWCHSB) Annual Information Meeting yesterday.
Stanley Noel, Chair of the YCC Board, said, “YCC is pleased that YWCHSB has stated they will attempt to get the 2019 assessment rates out this summer. In past years the rates have not been released until the fourth quarter. Getting the information in the hands of employers early will help employers to forecast their costs for next year in a timely manner.”
Chamber President Peter Turner, commenting on the release of YWCHSB’s new 2018 – 2022 strategic plan added, “On first glance at the plan, YCC is pleased to see a focus on safety and prevention as well as strong and positive relationships with stakeholders. We are also encouraged to see a heightened emphasis on psychological health and safety in the workplace. The Chamber values the opportunity that it had to provide input to the plan through YCC's Employer Advisor.”
Four years ago, YCC identified that the YWCHSB had accrued a surplus of reserves in excess to its required levels. Subsequent to discussions held between YCC and YWCHSB, YWCHSB agreed with the Chamber that a multi-year series of rebates should be issued to employers to bring YWCHSB reserves down to their mandated maximum level within a prudent reserve range. We view the solid stewardship of reserves and the payment of these rebates as good news for Yukon employers.
YCC has worked in partnership with YWCHSB to arrive at a fair and responsible manner in which the surplus is being repaid to employers. The initial plan, announced late in 2015, saw employers receiving cheques before the end of December 2015. In total, $10 million was returned to employers that year. A similar scenario unfolded in 2016 and 2017.
The surplus continues to be considerably above the maximum range required to cover anticipated costs and maintain a cushion for unexpected events. YCC will continue to monitor the surplus situation, and has begun discussions with YWCHSB regarding consideration of issuing rebates to employers again this year.