– The CFIB is Canada’s largest association of small and medium-sized businesses with 109,000 members across every sector and region.
BC – The Canadian Federation of Independent Business (CFIB) on behalf of its 10,000 BC small business owners is pleased to see the BC government will establish a new policy requiring WorkSafeBC to return funds to employers when they have a surplus of contributions from employers.
In 2015, WorkSafeBC’s assets exceeded liabilities by $4.5 billion – meaning the fund is nearly 40 per cent over-funded. CFIB has been advocating for a threshold similar to what Alberta or Saskatchewan have put in place. Having a threshold will ensure the fund is not overfunded beyond what is reasonably needed.
WorkSafeBC has done a good job of keeping rates low and stable, providing predictability for employers. Small business owners care deeply about their employees’ safety and understand the importance of WorkSafeBC being adequately funded. However, being significantly overfunded is unfair to employers.
CFIB has met with WorkSafeBC multiple times about the funded position, delivering over 1,700 petitions from members about the issue. CFIB reminded them that employers are the only contributors to the fund, and excess funds should be returned to employers to re-invest in their business and employees.
