YCC Media Release: WSCB Assessment Rates for 2023

WHITEHORSE, YUKON. The Yukon Chamber of Commerce (YCC) continues to understand the importance of safe and healthy workplaces. We believe that the Workers’ Safety and Compensation Board – Yukon (WSCB) plays a key role in that. We also know that to help Yukon businesses prosper assessment rates must be stable, affordable and reasonable.

In reviewing the 2023 WSCB Industry Classification and Assessment Rates announced yesterday, YCC notes that the rates for 2023 for two of the nine rate groups, containing around 600 employers (about 15% of all employers) increase by 2.6% and 3.1%, respectively. The rates for five other rate groups, with around 1700 employers (about 43%) will be lower by amounts ranging between 1.6% and 8.5%. The rates for the other two rate groups, containing nearly 1300 employers (about 33%) remain the same.

The compensation fund is still in a surplus position. As in past years, these surplus funds will be used to subsidise 2023 assessment rates by on average about 10%, which is equivalent to about $0.20 per $100 of payroll.

YCC Treasurer Philip Fitzgerald noted “In 2021 WSCB’s funded position was over 140%. This is considerably higher than the Board’s own policy dictates. Normally, we would be advocating for an immediate rebate but given the recent decreases in the market value of the Board’s portfolio that bring the portfolio into the target funding range, we do not consider it prudent to discuss rebates at this time. The YCC remains steadfast in its position to return surplus funds to employers”.

“YCC is very pleased to learn that the rate of lost-time injuries per 100 workers covered decreased again, down from 1.6 in 2020 to 1.4 in 2021” said Kyla Barker, Chair of the YCC Board of Directors. “This is a significant decline in injuries and is the lowest the rate has been in the past 10 years. We recognise that this level could only have been achieved through the concerted efforts of employers, workers, and WSCB.”

It is unfortunate that some employers in the Yukon will pay higher assessment rates next year. However, the increases are directly related to the injuries and claims in those employer’s rate groups. Most employers will pay lower rates, in some cases considerably lower. Yukon workers and employers need to continue to work together to focus on maintaining a safe work environment. When they do, fewer workers are injured, there is less human suffering, and assessment rates go down.

When businesses have lower WSCB costs they are able to invest resources in ways that grow the economy, create wealth and increase employment.

“Over the last five years, the growth of the Yukon economy has resulted in an increase in assessable payroll by 25% from $1.2 to $1.5 billion” says YCC Executive Director, Denny Kobayashi “Over this period of unprecedented growth, the WSCB have managed to keep their administration expenses at 2017 levels. This level of prudence and performance is to be commended.”

The Chamber encourages all employers, managers, supervisors, and workers to work together to ensure everyone is safe at work.

The details of 2023 assessment rates by industry can be found on the WSCB website at wcb.yk.ca/rates

Yukon Chamber of Commerce

Incorporated in 1985, the Yukon Chamber of Commerce is the collective voice of the Yukon's business community, working to create a climate conducive to a strong private-sector economy by providing leadership and representation on issues and projects affecting business. The Chamber works with over 700 Yukon businesses, through either direct membership or Community Chamber membership, as well as the five Community Chambers of Dawson City, Silver Trail, St. Elias, Watson Lake, and Whitehorse.

FOR MORE INFORMATION:

Philip Fitzgerald
Treasurer
Yukon Chamber of Commerce
(867) 333-9700

Denny Kobayashi
Executive Director
Yukon Chamber of Commerce
(867) 333-4247