Yellowknife, NT (July 11, 2024) – The Workers’ Safety and Compensation Commission (WSCC) will introduce two distinct Year’s Maximum Insurable Remuneration (YMIR) values for the Northwest Territories and Nunavut, effective January 1, 2025.
The Year’s Maximum Insurable Remuneration (YMIR) is the dollar amount used to calculate compensation benefits for injured workers and sets a limit on the amount of payroll that employers report per worker.
For example, in 2024 if a person injured at work in the Northwest Territories or Nunavut earns more than $110,600, the amount used to calculate their compensation is $110,600. If a worker earns less than $110,600, their compensation is calculated using their actual earnings.
“We are committed to fairness for employers and workers”, said Rick Hunt, President & CEO.
“Moving to two distinct YMIR values, one for Northwest Territories and one for Nunavut is based on changes to the average weekly earnings of each respective territory.
Our goal is to maintain fair rates for employers and to keep pace with the national average by ensuring that a minimum of 70% of the Northwest Territories and Nunavut workforces will have their earnings totally covered in the event of an injury.”
WSCC coverage provides a form of no-fault insurance for employers, and benefits and services for injured workers. All employers share the cost of the compensation system by making assessment payments to the Workers’ Protection Fund. The amount each employer pays every year is based on their assessable payroll (gross earnings reported for each worker up to the YMIR limit) and the group rate for their industry.
The 2025 YMIR value for each territory will be released in November 2024, along with employer Assessment Rates for the upcoming year.
