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New numbers from WorkSafeBC show that the corporation continues to be massively over-funded. Find out how we’re fighting for a refund for you.
WorkSafeBC has released its financial results for 2017, which show the program remains massively over-funded. In fact, current figures indicate that the board is at a 153% funding level (assets over liabilities). This translates to an over-funded position of $6.4 billion of your money. Instead of hoarding money, WorkSafeBC should return it to the employers who’ve paid in.
Last year, CFIB reported WorkSafeBC’s funding reached 142% - meaning there has been a substantial growth in the past year. BC remains one of the most over-funded workers’ compensation boards in the country.
WorkSafeBC is hoarding your money!
CFIB recommends workers’ compensation boards return money when their funding level exceeds 110%. This means WorkSafeBC is currently 43% above CFIB’s recommended target! This is unacceptable and we continue to urge them to refund your money. Other workers’ compensation boards including Alberta, Saskatchewan, and PEI have already provided refunds to the hardworking employers that pay into their systems.
What stops BC from following their lead?
That’s why we will be delivering 4,000 action alerts (signed by you!) calling on the board to refund your money. For more information on the WCB’s over-funded position, click here!