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 once again providing financial relief to employers after a challenging year for all Manitobans.
Richard Deacon, President and CEO of WCB says the pandemic has had a significant impact on businesses across the province and they just want to do their part to provide some measure of relief to employers, “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.
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 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.
