After some consideration, the Saskatchewan Workers’ Compensation Board has decided to distribute its previously announced surplus in two installments in July and December.
WCB Chair Gordon Dobrowolsky, says half of the over $281-million surplus will be distributed to eligible employers in July and the remaining half at the end of the year.
At the WCB’s 2015 year end, the funded position was 144.7 per cent which exceeds the target of 105 to 120 per cent.
Dobrowolsky says the increase was substantially due to investment income.
The move is being met with approval by two groups.
“We told the Sask WCB to rethink its rebate policy and return Saskatchewan employers’ hard-earned money,” said Marilyn Braun-Pollon, CFIB’s vice-president, Prairie and Agri-business. “While employers would have preferred an immediate rebate as opposed to two instalments, it’s clear the WCB listened and we commend them for rebating the entire $281.5million in 2016.”
“Business owners tell us they will use their rebate cheque to further improve their safety training and safety awareness in their business,” noted Braun-Pollon. “From the restaurant in Estevan to the welding shop in Regina, these funds will help employers navigate a challenging economy.”
The Saskatchewan Chamber of Commerce also welcomes the announcement,
“While companies will receive a wide range of rebate amounts, from $200 to millions of dollars, we encourage all businesses to reinvest this money back into their current and future safety plans. Making sure staff are well trained and have all the necessary equipment to work safely needs to remain the top priority for businesses. These rebates can help fund those efforts,” said Chamber President Steve McLellan.