Industry Task Force Calls for Legislation Surrounding WCB Surplus
On April 3, 2017, the Industry Task Force Association (ITF) sent a letter to the WCB Review Committee Chair as well as to the Labour Minister noting the recent announcement from WorkSafe BC. The BC government publicly acknowledges that employers fund the workers’ compensation system and is taking steps to amend legislation to require that surplus funds be returned to employers when a threshold level of assets over liabilities is reached.
Although WCB Alberta has some provisions in policy, we do not have a similar requirement enshrined in legislation. The Review Panel has consistently indicated they would consider other jurisdictions regarding legislation, policy and best practice. The ITF brought this news release forward to request that the WCB Review report include a recommendation that Alberta clarify in legislation that WCB premium monies are “employer money” and also enshrine the requirement that surplus funds be returned to employers when the funding level is exceeded.
Returning surplus funds to employers will help to drive growth and job creation. As has been communicated in several submissions, this view is shared by the ITF Association and other stakeholders.