TORONTO, July 4, 2012 /CNW/ - Appearing today before the Standing
Committee on Government Agencies, the Workplace Safety and Insurance
Board (WSIB) confirmed that it is on course to eliminate its 'unfunded
liability' by 2027.
"We welcome the opportunity to describe the transformation of the WSIB
to a modern, sustainable and accountable workplace insurance system for
workers and employers — a system that is important to the economic
growth and productivity of our province," said WSIB Chair Elizabeth
Witmer.
"The WSIB is indeed a highly complex agency, but at its heart, it has a
critical, but simple mission: to help workers who are injured to return
to work and to productive lives, and to protect employers from
financial loss through a collective insurance plan," added Mrs. Witmer.
The WSIB has made many recent improvements and reforms, and is committed
to more transformational change following the Funding Fairness report from Professor Harry Arthurs. Implementing many of the
recommendations of the report, coupled with the WSIB's sound
management, will result in a better, more responsive workplace safety
and insurance system that is financially stable and sufficiently
funded.
"WSIB provides insurance coverage for some four million Ontarians and at
any one time supplies benefits and services to five percent of those —
that's 200,000 workers who need help," said I. David Marshall, WSIB
President and CEO. "The human cost to these workers and their families
is substantial and the impact on the productivity of the province at a
time when we are short of skilled workers can hardly be
underestimated."
In 2011, the WSIB had its first operating surplus in 10 years, with
revenue covering costs due to strong operational results. A series of
improvements have resulted in better service and ultimately getting
more workers back to work safely. Some examples are: in-sourcing Labour
Market Re-entry and Return to Work improvements, a medical strategy to
provide better, timelier care; and expanded eServices for better
service and greater accessibility.
"The compensation, required by legislation, for a worker injured in
Ontario is a good one," continues Marshall. "It is comparable with all
the other provinces in Canada. We are getting 91% of all workers who
were injured, back to work with no loss of pay within one year or less
of their injury. So the system is working and delivers good value. We
have a responsibility to the workers and employers of Ontario to ensure
a financially sustainable system today and in the future."
"The WSIB's strategic plan shows a commitment to change and to
preserving a strong and sustainable workplace compensation system for
generations to come," said Mrs. Witmer.
"There are tough decisions to be made not the least of which is a
decision about our insurance premium for employers for the next few
years. But I am confident we are moving in the right direction for the
benefit of Ontario's workers and employers," she concluded.
The unfunded liability represents the shortfall between the money needed
to be in the WSIB's Insurance Fund to pay the benefits owing workers
and the money that is there. The government has legislated a
three-stage plan for closing this gap. WSIB must reach at least a 60
percent funding level by 2017; 80 percent funding level by 2022; and
100 percent funding by 2027.
See Facts at a Glance for more information.
The Ontario Legislature's Standing Committee on Government Agencies is
empowered to review and report to the House its observations, opinions
and recommendations on the operation of the Ontario government's
agencies, boards and commissions. At the two-day appearance before the
committee, the WSIB will hear submissions and field questions from
stakeholders and government representatives from all three parties.
Ontario's Workplace Safety and Insurance Board (WSIB) plays a key role
in the province's occupational health and safety system. The WSIB
administers no-fault workplace insurance for employers and their
workers and is committed to the prevention of workplace injuries,
illnesses and fatalities. The WSIB provides disability benefits,
monitors the quality of healthcare, and assists in early and safe
return to work for workers who are injured on the job or contract an
occupational disease.
Facts at a Glance
-
WSIB staff deliver service to workers and employers through 15 offices
across Ontario
-
Approximately 4 million workers are covered (out of the 5 million
workers in Ontario)
-
200,000 claims from workers each year, which is 5% of all covered
workers
-
With 87% of claims, a decision comes within 2 weeks — over half within
24 hours
-
Approximately 240,000 registered employer accounts
-
Reversed a 14 year trend — benefit costs are now dropping because:
-
Fewer lost time claims entering the system
-
More workers are returning to work: 91% of injured workers are returning
to work within one year of injury with no wage loss
-
Fewer workers are suffering permanent impairments as a result of their
injuries
-
First operating surplus in 10 years
-
Unfunded liability is $14.2 billion (end of 2011)
-
Funding ratio (percentage of assets to all future liabilities) is 52.2%
(end of 2011)
Ontario's Workplace Safety and Insurance Board (WSIB) plays a key role
in the province's occupational health and safety system. The WSIB
administers no-fault workplace insurance for employers and their
workers and is committed to the prevention of workplace injuries,
illnesses and fatalities. The WSIB provides disability benefits,
monitors the quality of healthcare, and assists in early and safe
return to work for workers who are injured on the job or contract an
occupational disease.
