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Report on Performance The Report on Performance highlights the four strategic issues representing the key priorities as outlined in WorkplaceNL's 2017 to 2019 Strategic Plan. Performance results are provided for year one indicators and year two indicators are stated.
Progress Updates – 2017 Objectives and Indicators Issue 1:
Financial Sustainability Financial sustainability is a critical element in the success of the workers’ compensation system and continues to be a focus for WorkplaceNL. The financial sustainability of the workers’ compensation insurance system is contingent upon sound financial management of the Injury Fund; prevention of workplace injuries; providing accessible, timely care to injured workers in a cost-effective manner; and, working with injured workers and employers to facilitate recovery at work. WorkplaceNL continued to ensure financial sustainability in 2017 through adherence to the Funding Policy. The Funding Policy is managed with a view to maintaining a funded position that provides security, now and into the future, for injured worker benefits within the reasonable ability of employers to pay assessments. WorkplaceNL takes a long-term view in managing and evaluating the performance of the Injury Fund through implementation of its investment and funding policies. Given the achievement of a fully-funded position, WorkplaceNL evaluated its investment strategy and moved toward a more diversified asset mix. This change makes the funded position less vulnerable to financial market volatility. Goal 1: By December 31, 2019, WorkplaceNL will have ensured long-term financial sustainability by achieving a funded ratio between 100 and 120 per cent. Objective 1: By December 31, 2017, WorkplaceNL will have completed an assessment to ensure adherence to the Funding Policy.
WorkplaceNL - Annual Performance Report - 2017
