Provincial board says eligible employers will receive a credit based on 50 per cent of their 2021 premium
The Workers Compensation Board (WCB) of Manitoba is giving employers back up to $95 million in surplus funds.
The surplus funds stem from having fewer injuries and injured workers having a timely and safe return to health and work, which the board credited to the successful investment made in injury prevention and return to work programs.
"We are pleased that strong investment market performance has resulted in us, achieving better financial results than initially forecast", said Richard Deacon, president and CEO of the WCB. "This success, along with continuous improvements to the system has allowed us to maintain the lowest average assessment rate in Canada. All these factors are allowing us to return $95 million in surplus funds to Manitoba employers."
Last year, WCB distributed $71 million in surplus funds to Manitoba employers.
In May, Manitoba employers will receive a credit based on 50 per cent of their 2021 premium.
To be eligible, employers must have fulfilled their 2021 payroll reporting responsibilities and owed a WCB premium in 2021. Employers who have not yet reported their 2021 payroll can still submit their information to receive the surplus distribution, according to WCB.
A couple of months ago, Ontario’s Workplace Safety & Insurance Board announced it is giving employers back up to $1.5 billion from its surplus funds, to be credited to employers deemed “safe”. Between 2006 and 2015, around 30,000 workers in Ontario had an allowed noise-induced hearing loss (NIHL) claim according to the Workplace Safety and Insurance Board (WSIB).
The WCB maintains a reserve fund to ensure the long-term sustainability of the workers compensation system, reduce any rate variability and protect Manitoba’s workforce. WCB insures more than 39,000 employers and covers 73 percent of Manitoba's workforce.
The distribution of surplus funds allows the WCB to distribute funds that have accumulated beyond the necessary reserve level and work towards maintaining the WCB's funding target.
Here’s how safety professionals can assist workers and employers in matters related to the workers’ compensation system.