Every employer, association, group, board etc. wants to meet its results. When they do, both the employer and those working with them stand to benefit.
Recently, the Saskatchewan Workers Compensation Board’s 2014 Annual Report was tabled in the provincial legislature.
WCB Chair GordDobrowolsky said last year’s operating results are a positive indicator of the organization’s continued dedication to improving service to workers and employers in Saskatchewan.
“Our compensation system is based on a historic compromise which guarantees the protection of both injured workers and their employers,” Dobrowolsky said. “For injured workers this system guarantees certain benefits and services and for employers it guarantees protection from lawsuit and ensures effective and efficient administration of the compensation system. Our 2014 operating results demonstrate that we continue to meet our obligations in serving both employers and injured workers and remain committed to improving the processes necessary to deliver our services.”
Dobrowolsky noted that one of the most important indicators of the 2014 operating results is the fact that workplace injury rates continue to decline. But he cautioned, “In 2014, we lost 39 individuals and every workplace death is preventable.”
Commitment Continues for Workplace Safety
WCB CEO Peter Federko attributed the decrease in injury rates to employers and workers in the province who continue to commit themselves to workplace safety.
“Eighty-seven percent of Saskatchewan employers have reached the zero injurytarget in their workplace. Employers are taking preventative steps towards making their workplaces safer for workers,” But Federko suggests, “We have a long way to go. This year’s results indicate that we continue to move in the right direction but we can’t become complacent.”
Federko also noted improvements to the return to work rate and a fully funded position as examples of results of a positive fiscal 2014.
Financially, 2014 represented another stable year for the WCB.
Financial statements show a comprehensive income of $97.7 million for the year ended Dec. 31, 2014. Strong investment returns, continued payroll growth, and reduced claims activity all contributed to the Operating results. The result of accumulated surpluses was a funded position of 132.2% at Dec. 31, 2014, exceeding the upper threshold of the Board’s funding policy.
For the first time since 2001 and to comply with policy, the WCB will provide a surplus distribution to eligible employers in 2015 as a result of higher than expected investment returns.
Federko noted that the positive financial results were achieved despite a drop in the 2014 average premium rate and after taking into account changes to the legislation and other impacts on WCB’s the Benefits Liabilities.
Author Kori Shafer-Stack, Editor, Amaxx Risk Solutions, Inc. is an expert in post-injury response procedures and part of the Amaxx team helping companies reduce their workers compensation costs by 20% to 50%. www.reduceyourworkerscomp.com. Contact: kstack@reduceyourworkerscomp.com.
©2014 Amaxx Risk Solutions, Inc. All rights reserved under International Copyright Law.
WORK COMP CALCULATOR: http://www.LowerWC.com/calculator.php
MODIFIED DUTY CALCULATOR: http://www.LowerWC.com/transitional-duty-cost-calculator.php
WC GROUP: http://www.linkedin.com/groups?homeNewMember=&gid=1922050/
SUBSCRIBE: Workers Comp Resource Center Newsletter
