REGINA, SK – The Saskatchewan Workers’ Compensation Board (WCB) held its Annual General Meeting today in Regina and in Saskatoon on May 2. WCB CEO Peter Federko and members of the WCB executive shared the 2018 financial and operating results with Saskatchewan workers, employers and partners who were in attendance.
“The WCB remains fully funded with the ability to cover the future costs of all claims in the system. We remain financially stable and fully funded at December 31, 2018,” said WCB’s Chair Gord Dobrowolsky. “The WCB’s 2018 funded position was 115.2 per cent at year end, which is within the targeted range of 105 to 120 per cent.”
This funding range ensures sufficient funds are available to meet required benefit levels and protects the provincial workers’ compensation system against unexpected claim activity or potential fluctuating economic conditions. It also upholds the WCB’s commitment to employers and workers to run an effective and efficient compensation system.
At the meeting, Federko gave an overview of the WCB’s 2018 operational highlights and shared opportunities and challenges for the years ahead. According to Federko, in 2018, 22,371 workers were injured in Saskatchewan workplaces and sadly, 48 individuals lost their lives in workplace incidents. “Losing so many to workplace incidents is unacceptable. Together, we must work to make all Saskatchewan workplaces safe.”
Federko said that while the province has seen a decade of improvement in the injury rates, the challenge is to continue to keep dropping the injury rates. “Sadly, in 2018, our Time Loss injury rate increased to 1.99 per 100 workers compared to 1.86 per 100 workers in 2017. The workplace Total injury rate per 100 workers increased from 5.25 per 100 workers in 2017 to 5.44 per 100 workers in 2018. This is a development we must address immediately.”
Despite this increase in 2018 workplace injury rates, 88 per cent of employers achieved Mission: Zero for the third year in a row. “This wouldn’t have been possible without the health, safety and prevention efforts of people around the province. This demonstrates how much workers, employers and leaders in our province can accomplish when we work together on workplace safety,” Federko said.
At the AGM, Federko also spoke to the WCB’s vision and mission and stressed how the organization is striving to better meet the needs of its customers. “We’re focused on our customers,” said Federko. “To achieve this, we’ve outlined some key strategic objectives to help get us there. These objectives represent the highest level of strategic goals for the WCB and achieving these objectives is our primary focus.” The WCB’s 2018 Annual Report and its 2019-2021 Strategic and Operational Plan are available at www.wcbsask.com.