Complex work injuries are causing WCB’s costs to rise by $90M/yr. At this rate, expect an unfunded liability charge, or drastically increased premiums, to be imposed on employers to cover the gaping deficit. By law, the WCB is a self-funding agency, meaning that employers—not taxpayers—are on the hook for financing the system.
After Ontario’s workers’ compensation board (WSIB) began compensating psych injuries, costs to employers soared as well; climbed and climbed until average premium rates approached $2.50. For perspective, a small company in Ontario with 90 workers could expect to pay well over $200K/yr in WSIB premiums alone, plus unfunded liability charges, on top of group-benefit coverage. That’s $20,000 each and every month.
Alberta’s WCB is following in Ontario’s footsteps. Can you afford your premiums if they double or triple as they did in Ontario?
For information on how to protect yourself, tune into Blue Collar’s webinar this Thursday (June 11th) at 11am. Just a few remaining spaces so register today.