Impressive return-to-work, recovery and financial outcomes through 2015 mean Ontario’s (Canada) Workplace Safety and Insurance Board (WSIB) will be there for future generations of injured workers, WSIB Chief Financial Officer Pamela Steer said recently.
In the first of a new series of annual media statements to augment the WSIB’s standard reporting, Steer said that throughout the year, the WSIB provided increased value and support to injured workers by sustaining strong operational and financial performance.
“Most notably, nearly 92 percent of injured workers with lost-time injuries returned to work with no wage loss within 12 months, and premium revenues paid by employers continued to cover operating expenses,” Steer said.
Returns to the WSIB’s investment portfolio were 5.8 per cent for the full year, Steer added. These returns, together with premium revenue, are what funds the compensation system. There are no taxpayer dollars involved.
“The WSIB’s strong operating results for 2015 have also brought down the system’s unfunded liability on a sufficiency basis by $1.7 billion to $7.0 billion – after hitting a high of $14.1 billion in 2012,” Steer said.
Steer noted that during a new system implementation, enhancements to accounting oversight led management to identify and correct an error related to the allocation of revenue to the proper financial period impacting accrued premium receivables.
Accordingly, the WSIB has revised its 2014 Annual Report.
The issue and its correction are isolated to accounting results and have no effect on employer billings, collections, premium calculations or worker benefits.
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: [email protected].
©2014 Amaxx Risk Solutions, Inc. All rights reserved under International Copyright Law.
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