Yukon Workers' Compensation Health and Safety Board

The Yukon Workers' Compensation Health and Safety Board (YWCHSB) is distributing a rebate to eligible Yukon employers this month. The rebate amounts to approximately $10 million. In light of the hardship experienced by Yukon businesses due to the pandemic, YWCHSB has eased the criteria for employers to be eligible for the rebate. This year, for those businesses with 2020 assessment payments owing, YWCHSB will apply the rebate to their outstanding balance and refund any remaining credit. Rebates are one method for bringing the Compensation Fund-the fund used to compensate and care for injured workers-closer to its target range of between 121 and 129 percent. The range is designed to keep employer assessment rates stable and to protect the Fund from catastrophic workplace events and fluctuations in global financial markets. When the Compensation Fund is within the range, funds are available to meet not only the current and future costs for injured workers but also any future unanticipated costs. At the end of 2019, the Compensation Fund's funded position was 141 percent. This meant the Fund was well-prepared for 2020, when there was a drastic drop in the markets precipitated by the COVID-19 pandemic lockdowns. As we move through these uncertain times, markets have stabilized and the Fund remains strong.