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Report on Performance This year marks the end of WorkplaceNL’s 2017-19 strategic plan. When developing that plan, in keeping with the Transparency and Accountability Act, WorkplaceNL identified strategic issues and created three-year goals that help achieve the organization’s mandate. To achieve these goals, objectives were established for each of the three years, to assist WorkplaceNL in reaching its multi-year goals at the end of the 2017-19 reporting cycle. In WorkplaceNL’s 2017-19 strategic plan, there were four issues identified as priorities: 1. Financial Sustainability 2. Prevention – Leadership in Prevention through Collaboration and Innovation 3. Claims Management – Facilitating Recovery at Work 4. Client Service – Partners in Client Service As this annual performance report represents the end of the 2017-19 planning cycle, WorkplaceNL is required to report on the progress of its three-year goals. The Report on Performance section of this report includes results achieved toward the three-year goals, as well as the year three (2019) objectives, for each strategic issue. Strategic Issue 1: Financial Sustainability The financial sustainability of the workers’ compensation insurance system is contingent upon sound financial management of the Injury Fund; preventing workplace injuries; providing accessible, timely care to injured workers in a cost-effective manner; and collectively supporting injured workers and employers to facilitate recovery at work. 2017-19 Results for Goal 1 The following section provides results of the three-year goal which describes WorkplaceNL’s efforts to ensure financial sustainability. Given that payments of the majority of benefits for injured workers extend many years into the future, WorkplaceNL has established a long-term financial strategy to maintain a funded position that will provide for the security of benefits promised to injured workers within employers’ reasonable ability to pay. Under the strategy, WorkplaceNL will strive to maintain a funded ratio between 100 and 120 per cent, with a target of 110 per cent. As of December 31, 2019, the Injury Fund remained fully-funded at 123.4 per cent, which due to investment performance, exceeded the targeted range. When the funded position is outside the targeted range, WorkplaceNL adjusts assessment rates paid by employers. A temporary discount in assessment rates was implemented for 2019 and remains in place for 2020 in an effort to return the funded ratio to the 110 per cent target over a 15-year period.
WorkplaceNL - Annual Performance Report
2019
