WCB distributes $71 million in surplus funds to Manitoba employers
Eligible employers will receive credit based on 40 per cent of their 2020 premium in May
For the third year in a row, the Workers Compensation Board of Manitoba (WCB) is distributing surplus funds to employers, whose premiums fund the workers compensation system.
By continuing to invest in injury prevention and return to work programs, the WCB is pleased to once again provide financial relief to employers after a challenging year for all Manitobans, the organization said in a press release.
“COVID-19 has had a significant impact on businesses across the province and we want to do our part to provide some measure of relief to employers,” said Richard Deacon, president and CEO of WCB.
“Following our mandate to serve Manitobans, we are pleased to once again give money back to employers and help support their recovery efforts after what has been a very difficult year.”
In May, eligible employers will receive a credit based on 40 per cent of their 2020 premium.
To be eligible for the refund, employers must have fulfilled their payroll reporting responsibilities for 2020 and owed a WCB premium in 2020. Employers who have not yet reported their 2020 payroll still have time to submit their information to receive the surplus distribution.
“We’re very proud of the work we have done to increase efficiencies in our system over the last several years, while still maintaining the lowest average assessment rate in Canada,” said Deacon.
“Thanks to sound financial investments, we are pleased to return $71 million in surplus funds to Manitoba employers and help improve their bottom line at a time when many need it most.”
The WCB maintains a reserve fund to ensure the long-term sustainability of the workers compensation system, reduce any rate variability and protect Manitoba’s workforce.
Determined annually by the board of directors, the distribution of surplus funds allows the WCB to distribute funds that have accumulated beyond the necessary reserve level and work towards maintaining the WCB’s funding target.
“The Manitoba government is focused on protecting Manitobans from the impacts of COVID-19 and providing relief to businesses during this uncertain economic time,” said Finance Minister Scott Fielding. “We continue to work across government and with our partners to find ways to help employers that need it.”
The WCB is a mutual workplace injury and disability insurance corporation funded by employer premiums. It insures more than 34,000 employers and 76,000 of Manitoba’s work force. Supporting safe and healthy workplaces, the WCB provides employers and workers with valued services for injury prevention, compensation and return to work while maintaining system integrity.