Employers have serious concerns with proposed recommendations
Calgary, July 6, 2017 – Canadian Federation of Independent Business (CFIB) is available to respond to the Workers’ Compensation Board (WCB) review panel report issued today. CFIB members take exception to recommendations suggesting an end to the distribution of surplus monies.
“Alberta businesses pay 100% of the WCB premiums and now there are suggestions that money should be siphoned off for new uses unrelated to its core purpose,” said Amber Ruddy, Alberta Director. “The WCB is an insurance program, not a social program and employers are fed up with suggestions to fundamentally alter the scope and intent of the system.”
WCB has a funded position target of between 114 per cent and 128 per cent of assets to liabilities, often referred to as the ‘green zone’. Historically, according to board policy, refunds are triggered if the funded position goes over the 128 per cent threshold. The Board’s financial position that was announced in the 2016 Annual Report, put the reserve at 133.8%. If rebated, $266 million would be returned to employers still leaving an excessive cushion to meet obligations.
To arrange an interview with Amber Ruddy, Alberta Director, please call 403-835-6442 or email [email protected].
CFIB is Canada’s largest association of small- and medium-sized businesses with 109,000 members across every sector and region.