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The Alberta Workers' Compensation Board (WCB) has announced there will be no WCB rebate this year for small businesses.
For the WCB to issue a rebate, funding must exceed a very high asset to liability ratio of 128%. This year, the board only reached a 127% ratio, falling just under the 128% threshold. This result was mostly due to a higher level of claims during the downturn and new expensive benefits added.
Currently, WCB’s target funding position is between 114 to 128%. In the past five years, there has been surpluses and about $2.5 billion has been returned to Alberta businesses.
But the fact remains: a 128% threshold is still very high, which is why we have been lobbying to lower the threshold which triggers a refund. According to CFIB’s research report: Finding Funding Fairness, an Alberta business with 5 employees would receive a $4,960 rebate this year if they refunded monies over a 110% threshold.
Going forward, the battle will be uphill.
What is especially concerning, is that the Minister of Labour has mandated the board review this policy, putting future surplus rebates in jeopardy altogether. More than ever, now is the time to fight back. We will continue to urge the Labour Minister and board of Directors to stop hoarding your money and to forget about scheming up new ways to spend the funds.
We will continue to fight for you and your business to secure these rebates. If you have any questions, or would like to share how your firm uses these rebates for the benefit of your business and employees, call Business Resources at 1-888-234-2232 or email us at [email protected]