Workers Compensation Board of Prince Edward Island

WCB reports 2020 highlights at Annual Public Meeting

June 16, 2021

The Workers Compensation Board (WCB) released its 2020 Annual Report and presented this year's highlights at their virtual Annual Public meeting this week.

 

"We are pleased to report on the highlights from the past year," said WCB Board Chair Jim MacPhee. "It goes without saying 2020 was not a typical year. The COVID-19 pandemic was a true test of the strength of our system, our funding and rate setting policies which are meant to safeguard against extreme fluctuations from market volatility. While there were fluctuations in the investment portfolio over the year, we are confident the funding status and investment strategies are doing what they are designed to do during rate stabilization periods and will help us weather the storm."

  

In 2020, many of WCB activities were geared to responding to the COVID-19 pandemic to serve its mission of partnering in building safe workplaces, and supporting recovery if an injury occurs.  Over the last year this took the form of collaborating with CPHO in border screening, establishing telehealth services where in-person rehabilitation was not available and pivoting to virtual training and education among others.

  

To continue WCB's efforts to build a culture for safe and healthy workplaces, WCB created extensive tools and resources to promote workplace safety during the pandemic. Knowing the impact that shut downs in the economy had on Island businesses, WCB deferred employer assessments with no interest or penalties and maintained employer assessment rates for 2021 at 2020 rates.

  

"Despite the pandemic, our 2020 worker satisfaction rating was on par with 2018 results and levels of satisfaction with service interaction remained consistent through this period," said WCB Chief Executive Officer Cheryl Paynter. "A big thank you to our staff who were able to pivot swiftly to working remotely, which ensured uninterrupted service to our clients."

  

"With an increased interest and awareness around the importance of safety and protecting workers against COVID; let us continue to apply the same vigor to preventing all workplace injury and illnesses," said Paynter.

  

2020 Stats at a Glance

• 6,003 assessed employers
• 1, 583 claims adjudicated
• Employer Satisfaction Index consistent at 76.2 from 2018
• Funding Status of  155.4% as of December 31, 2020, up from 147.8% in 2019
• In 2020, the WCB had investment revenue of $11.7 million dollars ($28.3 million in 2019)
• Year-end final average assessment rate of $1.55, down from $1.61 in 2019

  

For more information or to read a full copy of the 2020 annual report and 2020 audited financial statements, visit the wcb.pe.ca/Information/AnnualReports.



Media Contact:
Laura Steeves, Senior Communications Coordinator
902-894-0362 or news@wcb.pe.ca