Yahoo Finance Yukon governments will see largest increase in worker's compensation board rates in 2022
Yukon employers shouldn't expect to see much change in their workers' compensation board rates next year.
The Yukon Workers' Compensation Health and Safety Board announced the 2022 industry classification and assessment rates Wednesday at its annual general information meeting.
The biggest increase will go to governments — with rates in that group going up 6.3 per cent.
Kurt Dieckmann, the board's CEO, says this rise in the government group —which includes the territorial government, as well as First Nations and municipal governments — can be attributed to invisible injuries in the workplace.
"Ultimately really what it comes down to is the increase in psychological injuries and the cost of those claims is considerably higher than the cost of physical injuries," he said at the meeting.
Meanwhile Resources & Transportation Low will see the largest rate decrease next year, going down 4.7 per cent.
But overall the rates employers will pay won't be changing too much.
Board Chair Mark Pike said the stability is reflective of safety and return to work efforts in Yukon workplaces along with the Board's strongly funded position at the end of last year, despite the pandemic.
"The COVID pandemic highlights why it's so important to maintain our target range at a fully funded position," said Pike.
The board's funding ratio is designed to keep employer's assessment rates stable and to protect the fund from catastrophic workplace events and fluctuations in global markets. It is calculated by dividing its total assets by total liabilities.
The funded position decreased from 141 per cent in 2019 to 132 per cent last year, taking it closer to its target range.
The board says that as the funding position approaches target levels, rates are moving toward actual costs of the compensation and occupational health and safety systems.
The 2022 assessment rates and industry classifications can be found here.
