Compensation system posts strong results for 2015
TORONTO, April 29, 2016 /CNW/ - Impressive return-to-work, recovery and financial outcomes through 2015 mean Ontario's Workplace Safety and Insurance Board (WSIB) will be there for future generations of injured workers, WSIB Chief Financial Officer Pamela Steer said today.
In the first of a new series of annual media statements to augment the WSIB's standard reporting, Steer said that throughout the year, the WSIB provided increased value and support to injured workers by sustaining strong operational and financial performance.
"Most notably, nearly 92 per cent of injured workers with lost-time injuries returned to work with no wage loss within 12 months, and premium revenues paid by employers continued to cover operating expenses," Steer said.
Returns to the WSIB's investment portfolio were 5.8 per cent for the full year, Steer added. These returns, together with premium revenue, are what funds the compensation system. There are no taxpayer dollars involved.
"The WSIB's strong operating results for 2015 have also brought down the system's unfunded liability on a sufficiency basis by $1.7 billion to $7.0 billion – after hitting a high of $14.1 billion in 2012," Steer said.
Steer noted that during a new system implementation, enhancements to accounting oversight led management to identify and correct an error related to the allocation of revenue to the proper financial period impacting accrued premium receivables. Accordingly, the WSIB has revised its 2014 Annual Report. The issue and its correction are isolated to accounting results and have no effect on employer billings, collections, premium calculations or worker benefits.
WSIB President and CEO Thomas Teahen said the positive results for 2015 are an important step in the WSIB's path to improving service and ensuring financial sustainability.
"The WSIB is committed to providing stronger support and better outcomes for workers who depend on the system and the employers who fund it. With these results, we are well positioned to bring value to Ontario's economy long into the future."
Please see the WSIB 2014 Financial Restatement FAQ and the 2015 Q4 Corporate Reports.
SOURCE Workplace Safety & Insurance Board
For further information: Christine Arnott, WSIB Public Affairs, (416) 344-4202, firstname.lastname@example.org