Workers’ Safety and Compensation Board (WSCB) is announcing the industry classifications and assessment rates for 2024. The rates are reflective of safety and return to work efforts within Yukon’s workplaces, along with the funded position at the end of 2022.
The majority of industries will see a decrease for 2024. Resources and Transportation Medium will experience a 5.7 per cent rate decrease going from $4.40 to $4.15. Resources and Transportation Low will decrease 6.1 per cent next year going from $2.45 to $2.30. Government (First Nations, Municipalities, YG) will experience a 4.9 per cent rate increase going from $1.84 to $1.93. Services Low will see a 5.3 per cent increase going from $0.76 to $0.80. 1,858 employers will see a rate decrease, 567 will remain stable and 1,583 will see a slight rate increase.
No industries will be reclassified for 2024.
WSCB’s Board of Directors is pleased that the adjustments in rates for 2024 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 143 per cent in 2021 to 131 per cent in 2022. The Board continues to face challenges in a rapidly changing fiscal environment. Inflation and market fluctuation impact 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 toward 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.
Visit our website for more information on the 2024 assessment rates and industry classifications.
Quotes
“We recognize that stable assessment rates come from a shared commitment to workplace health and safety throughout Yukon. Yukon workers and employers are making safe workplaces a priority and it shows with the relative stability in rates.”
-Board of Directors Chair, Mark Pike
“At the Workers’ Safety and Compensation Board we are proud of the changes employers and workers are making to prioritizing safety in the workplace. Every change in workplace health and safety that helps us all go home at the end of the day is a change in the right direction.”
-President/CEO, Kurt Dieckmann