The Workers Compensation Board (WCB) released its 2021 Annual Report at the virtual WCB Annual General Meeting this week. At the meeting, the WCB presented its financial results for 2021, as well as key metrics and initiatives related to health and safety, workplace injuries and return to work.
Highlights included an important education and enforcement initiative to promote safety when working from heights. Falls from heights can have catastrophic effects, so the campaign focused on preventing injuries through proper training and use of fall protection equipment.
In 2021, amendments were made to the Workers Compensation Act to enhance the indexation of benefits for workers on long term benefits and survivors of fatally injured workers. This significant legislative change better aligns compensation benefits with rising costs of living. A number of policy amendments were also made to improve benefits and services for injured workers.
“To ensure that we continue to meet the needs of our clients, we review our system and our legislation on a regular basis so that it continues to effectively protect workers and employers,” said WCB Board Chair James MacPhee. “Over the past year, we brought many amendments forward to enhance benefits and services, while continuing to maintain a sustainable system.”
In addition to enhancing benefits, the WCB continued to set affordable rates and provided a surplus distribution back to Islander employers. The surplus was the result of strong investment returns and growth in the Island’s assessable payroll.
For more information or to read a full copy of the 2021 annual report and 2021 Audited Financial Statements, visit the WCB website at wcb.pe.ca/Information/AnnualReports.
WCB 2021 Stats at a Glance
- 6,372 assessed employers
- 1, 826 claims adjudicated (92% acceptance rate)
- 1,012 Time-loss injuries
- No reported workplace fatalities
- 27.7 % of time-loss claims occurred in Health and Social Services
- Employer Satisfaction Index at 83.4
- Funding Status of 164.2% as of December 31, 2021
- Investment revenue of $30.4 million dollars
902-894-0362 or email@example.com