< Previous8019. FUNDING POLICY AND CAPITAL MANAGEMENT The Act establishes the Accident Fund to provide for the payment of compensation, outlays and expenses of the workers compensation system. The Act also requires that sufficient funds be available for the payment of all current and future liabilities, and the maintenance of reserves sufficient to ensure the financial security of the system in the long term. The funding policy is the framework for the management of the Accident Fund to maintain the workers compensation system’s financial security while ensuring sufficient funds are available to meet future benefit payments and maintain rate stability. The WCB is committed to operating on a fully funded basis and is considered 100 per cent funded when assets equal liabilities. The ratio of assets to liabilities is the funding ratio. The funding ratio target for the Accident Fund is 130 per cent. The 130 per cent target provides for 100 per cent funding – sufficient to fully fund all current and future liabilities – plus an additional 30 per cent to protect the system from risks, uncertainties and market volatility. The WCB’s funding ratio is reviewed after the annual financial statements are approved by the Board of Directors. When the funding ratio deviates from the 130 per cent target, the funding policy directs the WCB to return reserves to the funding ratio target. When the funding ratio exceeds the 130 per cent target surplus distributions may be paid. When the funding ratio falls below the 130 per cent target the WCB may approve adjustments in assessment rates in such a manner that will bring the funding ratio back to the 130 per cent target.The WCB’s funding ratio at December 31 is as follows: 20202019Total assets$2,097,782$2,029,820Total liabilities1,459,9801,382,999Funding ratio (assets/liabilities)143.7%146.8%On April 17, 2020, in accordance with the funding policy, the Board of Directors approved a surplus distribution of 20 per cent of the prior year’s premium. To December 31, surplus distribution of $36.3 million ($72.6 million in 2019) was paid to eligible employers.81Five Year PlanWorking from the strategic framework approved by our Board of Directors in 2018, the WCB has developed its Five Year Plan focused on four priorities to guide our work and initiatives. These priorities were chosen to reflect our organization’s vision to attract, retain and develop the staff needed to deliver excellent service to our customers and build a safer Manitoba that fosters prevention and return to work.The COVID-19 pandemic has delayed the implementation of some of the strategic initiatives outlined in this plan. The WCB will require an extended timeline to fulfill these initiatives.Introduction84Our Strategic PrioritiesCreate a SAFE Work CultureEnable Successful Return to WorkDeliver Excellent ServiceGrow our People2020 WCB ANNUAL REPORT85Strategic Goal: Reduce the number and severity of injuries.Strategic Initiatives:Champion a vibrant safety culture in which all Manitobans share values and beliefs that support workplace injury and illness preventionThe WCB, through its prevention division, SAFE Work Manitoba, will work to increase public awareness for workplace safety and health and for injury prevention through targeted campaigns to reach stakeholders and shift perspectives about safety and health at work. Our organization will work with partners to identify and support executives who are safety leaders. Programming will also focus on finding ways to engage with educational institutions in Manitoba to increase workplace safety and health awareness and training.Expand access to safety programs to build an inclusive, coordinated prevention system with all partnersSAFE Work Manitoba will continue to build strong partnerships with industry-based safety programs (IBSPs) with the goal of expanding and enhancing safety programs to ensure all Manitoba employers and workers have access to sector-specific services. Through this partnership, SAFE Work Manitoba will work to increase the number of stakeholders who have received workplace safety and health education and training through IBSPs and other safety partners.Create a SAFE Work CultureEnhance safety program standards to establish best practices and promote consistencySAFE Work Manitoba will continue to support and provide oversight for SAFE Work Certified, Manitoba’s safety and health certification standard that helps make workplaces safer and provides a financial reward to employers that take proactive steps to prevent workplace injuries and illnesses. This includes working with IBSPs and other partners to increase employer participation in safety certification that meets the SAFE Work Certified standard. SAFE Work Manitoba will continue its partnership with Manitoba Building Trades and the Construction Safety Association of Manitoba to establish a consistent approach for developing and using standards for safety and health training delivered to Manitobans. This initiative will work to increase the quality and consistency of safety and health training delivered and ensure workers have the right skills and knowledge needed to do their work safely and reduce their risk of injury.862020 WCB ANNUAL REPORT87Five Year TargetsIn the five-year period covered by this plan, the WCB is focused on the following milestones:Time Loss InjuriesReduce the number to:Days lost to workplace injury or illnessReduce the number to:WCB-Covered PayrollAchieve at least:12,000 or less748,000 or less42%72% or more2.2 or less per 100 full time workers1.38 or less per 100 full time workersAchieve a rate of:Severe InjuriesReduce the number to:2,200or less0.4 or less per 100 full time workersAchieve a rate of:Achieve a rate of:Increase percentage served by an industry-based safety program to that is SAFE Work Certified88Strategic Goal: Improve the return to work experience for all stakeholders, ensure the worker stays healthy during the return to work process, identify and address suspected inappropriate return to work activities by employers and reduce the number of days lost.Strategic Initiatives:Expand industry-based safety programs’ capacity to provide return to work programsThe WCB will look for opportunities to partner with industry-based safety programs (IBSPs) to promote return to work programming to their industries. This includes building on the success of the SAFE Work Certified program and exploring the option of a return to work certification program for employers.The WCB is committed to supporting best practices and promoting the value of return to work. This includes helping workplaces increase the effectiveness of their return to work programs, delivering return to work training and ensuring the WCB provides quality services to assist workers in a timely and safe return to health and work.Improve healthcare access and quality for workers through provider partnershipsThe WCB will partner with community healthcare providers in the development of Worker Care Clinics. The goals of these partnerships include improving access to timely treatment for injured workers, improving timeliness and quality of healthcare reporting, improving physicians understanding and Enable Successful Return to Workknowledge of return to work best practices through education and improving the overall communication between the WCB, injured workers, employers and healthcare providers. The WCB will continue its work to support healthcare providers through initiatives focused on electronic healthcare reporting and billing. The WCB has seen success in its e-health application for physiotherapy service providers and will expand this initiative to provide greater online capabilities for other healthcare providers including chiropractors and physicians.Increase awareness, education and trainingThe WCB will continue to meet the need for quality return to work training and consulting for employers through courses such as our Return to Work Basics course and consulting services to help employers gain an understanding of the basic components and best practices needed to build effective workplace return to work programs.We will provide education and support to healthcare providers through planned outreach activities focused on raising awareness for WCB return to work programs, and find ways to work together to support injured workers through the return to work process.Our vision is to empower stakeholders through improved knowledge and understanding of their rights and responsibilities in the return to work process. We plan to leverage our systems and utilize new and existing technologies to better support workers in their timely return to health and suitable work. Five Year TargetsIn the five-year period covered by this plan, the WCB is focused on the following milestones:892020 WCB ANNUAL REPORT95%Leverage technology and analytics to improve outcomesWe will continue to find opportunities within our current claims systems to support and improve return to work outcomes through data analytics, while also continuing to develop our technology infrastructure to support new initiatives such as our electronic healthcare reporting and billing.of injured workers returning to safe and suitable work after10 days.70%Achieve at least:Achieve at least:of injured workers returning to safe and suitable work after 60 days.Next >