REGINA, SK: The Canadian Taxpayers Federation (CTF) is applauding the Workers Compensation Board’s decision to fully refund funds that are above and beyond what’s needed to protect workers. This year’s refund will be $281 million with half being paid out in July and the other half in December.

“This money belongs to employers from the local mechanic’s shop to provincial health regions and it’s a victory to have the WCB recognize that fact,” said Todd MacKay, Prairie Director for the CTF. “It’s important to make sure money is there to protect injured workers and when fund is full it’s only right to give the overflow back to employers.”

The WCB essentially provides insurance to employers that are required to pay premiums so that workers can apply for compensation if they’re injured on the job. WCB is required to have enough assets to cover all liabilities and includes allowances for an additional 20 per cent as a cushion. WCB policy states rebates will be sent to employers if assets exceed the 120 per cent of projected liabilities.

WCB issued rebates to employers totalling $141 million because the fund grew to 132 per cent of projected liabilities last year.

Assets now stand at 145 per cent of projected liabilities, according to this year’s WCB annual report, and that means employers are due to receive a refund of $281 million.

The WCB initially proposed to return only a fifth of the $281 million, but, after facing immediate criticism from the CTF, Canadian Federation of Independent Business, Saskatchewan Hotel and Hospitality Association, Restaurants Canada and others, the full refund will now be released.

“CTF supporters made it crystal clear the full refund needs to flow immediately and the WCB changed course to make it happen,” said MacKay. “This is a great example of what can be accomplished when people make their voices heard.”

-30-