Section #: 
31.05
Effective date: 
Saturday, September 1, 2007
Last update: 
Wednesday, October 25, 2017

 

Policy Purpose

The Board of Directors and the Workers Compensation Board (WCB) play a key role in the financial stewardship of the workers compensation system. The funding policy establishes a framework that ensures the financial security and sustainability of the compensation system in the long term. The framework strives for equity among generations of employers by charging today’s employers for today’s injury and administration costs. Under the funding framework, the assessment rates set for employers should be stable and predictable.

The WCB’s reserves protect the workers compensation system from a variety of risks and uncertainties that could have significant financial implications. The levels of these reserves will be based on amounts necessary to protect the compensation system against these risks and uncertainties.

 

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