With the release of the 2016 sufficiency report, it is clear that after years of carrying a significant unfunded liability (UFL), the Workplace Safety and Insurance Board (WSIB) is well on its way to financial sustainability.
“Our goal is to ensure we can meet our obligations to injured workers now and into the future,” President and CEO Tom Teahen said today.
The UFL represents the shortfall between the money needed to pay future benefits to workers for all established claims, and the money that is in the insurance fund. The 2016 sufficiency report highlights that, in 2016, the WSIB reduced its UFL on a sufficiency basis to $4.0 billion, down from $7.0 billion in 2015 and a high of $14.2 billion in 2011.
This reduction in the UFL corresponds to an increase in the Sufficiency Ratio from 77.9% as of December 31, 2015 to 87.4% as of December 31, 2016. The Sufficiency Ratio is an objective measure to track our progress towards sustainable funding.
In addition to the strong financial progress in 2016, outcomes have also been strong for injured workers. In 2016, 92 per cent of injured workers returned to work with no wage loss within 12 months of injury.
Injured worker and employer satisfaction levels with the WSIB also improved in 2016. Seventy-one per cent of injured workers – and 77 per cent of employers – were satisfied, compared to 69 per cent and 74 per cent respectively, in 2015.
For more details view the 2016 Sufficiency Report (PDF).