WCB finances on track
The Prince Edward Island Workers' Compensation Board (WCB) released its 2009 annual report with the good news that it has weathered the economic downturn well and remains fully funded. This is good news for Island businesses because it means there will be no additional surcharge in 2011 to pay down any unfunded liabilities.
CFIB has worked hard on behalf of our members to ensure that WCB be financially sustainable. The current status of having its liabilities 104 per cent funded is a dramatic improvement over being just 69 per cent funded back in 2001.
Other indicators presented in the report include:
- The number of adjudicated claims was down in 2009. This reduction was largely in the category of claims requiring medical aid only.
- Sprains and strains remain the top cause of claims.
- Total benefits paid to injured workers were up by 3.8 per cent.
- Administrative costs increased by 6.8 per cent increase, mainly due to changes made on how estimates for retirement benefits are calculated.
- Results of WCB's Employer Satisfaction survey report the highest level of employer satisfaction since WCB began surveying in 2003.
WCB's annual report can be found online at: www.wcb.pe.ca
