The Saskatchewan Workers’ Compensation Board (WCB) remained fully funded within the targeted range in 2022, which means it can cover the future costs of all claims in the system.
“Under The Workers’ Compensation Act, 2013, the WCB is legislated to have sufficient funds in our injury fund to cover current and future claim costs for injured workers. The range protects against unexpected claim activity or fluctuating economic conditions,” said WCB chair Gord Dobrowolsky. “This includes providing benefits and assistance such as earnings loss, physical and vocational rehabilitation, prevention initiatives and other obligations under the Act.”
The WCB remains fully funded, which means it remained within the targeted funding percentage range of 105 per cent to 120 per cent in 2022. The funding policy is currently under review to align with new accounting standards that will be effective for the fiscal year ending Dec. 31, 2023.
The WCB also reported that the 2023 employer premium rates increased to $1.28, a five-cent increase from the 2022 rate of $1.23.
Financial highlights of the WCB’s 2022 results included:
- Claim costs were $189.4 million in 2022, down from $336.2 million in 2021.
- The WCB’s injury fund was at $436.0 million as of year-end 2022, compared to $549.4 million in 2021.
- The WCB had premium revenues of $304.0 million in 2022 (up from $259.5 million in 2021) and an investment loss of $132.1 million in 2022 (compared to investment income of $254.1 million in 2021). Investment losses includes realized investment income of $98.0 million less $5.4 million for investment expenses, less a $230.1 million decrease in unrealized investment gains for the year.
- The WCB covered 400,392 full-time equivalent (FTE) workers in 2022, compared to 392,813 in 2021.
Last year, the WCB advanced the second year of the major corporate initiative, the Business Transformation Program, which is a $150-million, multi-year investment. Through this initiative, the WCB is engaging customers, partners and WCB staff in this multi-year journey to implement the changes that it believes are necessary to meet customers’ expectations now and into the future.
“Our program involves improving customers’ experience and outcomes, updating, replacing or introducing new technologies, and improving our processes and approach to service delivery,” said WCB CEO Phillip Germain. “The ongoing transformation of our organization enables us to further enhance our business functions and better respond to the needs of our customers, who are the workers and employers of Saskatchewan.”
To support the WCB’s vision to eliminate injuries and restore abilities, the organization promotes workplace safety and injury prevention for workers and employers across the province.
“While we’ve seen some improvements in our injury rates over the last decade, there is still more for all of us to do,” said Germain.
Injury data highlights in 2022 included:
- In 2022, 90 per cent of Saskatchewan workplaces reported zero injuries or fatalities for the third year in a row. Last year, 39 workplace fatalities were reported, up from 31 in 2021.
- The workplace total injury rate in 2022 decreased to 4.33 injuries per 100 workers, representing a five per cent decrease from the 2021 total injury rate of 4.56 per 100 workers.
- The 2022 Time Loss injury rate increased to 2.04 injuries per 100 workers, up 0.49 per cent from the 2021 rate of 2.03 injuries per 100 workers.
For a more detailed look at last year’s results, the WCB’s 2022 annual report is available at wcbsask.com/corporate-plans-and-annual-reports prior to its annual general meeting on May 30.