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 Last month the WCB of the NWT and Nunavut, along with Human Resources Development Canada (HRDC), signed a deal to allow for better support in each other's activities. WCB president Penny Ballantyne, left, chairperson Andy Wong, HRDC's Bill Worona and Gerry Thompson, and WCB Nunavut representative David Clark sign the agreement. - Thorunn Howatt/NNSL photo |
Thorunn Howatt
Northern News Services
"We want to make sure we have contacted the employer groups and invite them to a meeting," said WCB chairperson Andy Wong, explaining that any rate changes will be discussed with businesses.
The WCB of the NWT and Nunavut gets revenue from two places: fees charged to employers and returns from invested money.
During the past 10 years, the stock market has been red hot. Like many investors, the WCB made money on its investments. That allowed the WCB to offset the need to charge employers more.
But that could change because of plummeting and volatile stock markets. Typically, the WCB sets its assessment rates on historical accounting numbers. One way the WCB invests is in the short-term money market. The overall yield of that portfolio was 4.1 per cent according to the WCB's recently released 2001 financial report. That's down from a 5.68 per cent gain the previous year.
The WCB's 2001 assets were tallied at $2.66 million, up from the previous year's $2.62 million but WCB financial analysts expect that number to drop this year.
The WCB is an arms-length-to-government agency charged with compensating workers in case of on-the-job injuries. Employers are assessed rates according to an industry schedule. The WCB bank balance has to cover any injured worker payouts. So, if there are more injuries, and investment income is low, then rates will have to go up.
The board's second mandate is accident prevention, safety awareness and safety inspections.
The inspections don't cover all types of industry though. For instance the National Energy Board oversees oil and gas drilling rig inspections. Last month the WCB of the NWT and Nunavut, along with Human Resources Development Canada (HRDC), signed a deal to allow for better support in each other's activities. The two entities will share technical information, specialty services and officer training.
The agreement will allow WCB and HRDC to work more closely.
