(WINNIPEG) – The Workers Compensation Board's (WCB) 2019 Annual Report and Five Year Plan was released in the Manitoba Legislature today. The report highlights a new strategic framework and continued gains in making our province safer for workers with the landmark SAFE Work Certified and Prevention Rebate programs.
"Both of these programs have been instrumental in setting the provincial standard for safety and for rewarding and recognizing Manitoba employers for prioritizing workers' safety," said Winston Maharaj, President and CEO of the WCB. "Working together with all stakeholders, we were pleased to see Manitoba workers reap the benefits of safer workplaces by all key measures, including fewer time loss injuries and days lost to workplace injuries."
The financial health of the organization also remained strong with investments rebounding after a downturn in late 2018. As a result, in 2019 the WCB distributed $73 million in surplus reserves back to employers. "We continue to deliver value to our customers by maintaining the lowest average assessment rate in the country," said Maharaj. "Our bedrock is our financial stability that will continue to help the WCB navigate a turbulent 2020 as we, along with so many Manitoba employers and workers, deal with the financial uncertainty around the COVID-19 pandemic."
The WCB ended 2019 with an operating surplus of $120 million and a fund reserve at 146.8 per cent, well above the funding target of 130 per cent. The WCB has already announced a further distribution of $37 million in surplus reserves back to employers for May, 2020.
About the WCB of Manitoba
The Workers Compensation Board of Manitoba is a mutual workplace injury and disability insurance statutory corporation funded by employer premiums. We are here to insure and support safe and healthy work and workplaces. We put workers and employers at the centre of all we do. We provide them with valued services for injury prevention, compensation and return to health and work while maintaining system integrity.