Thank you, Mr. Chairman. Mr. Chairman, I am pleased to present Bill 11, An Act to Amend the Workers' Compensation Act, No. 2.
The bill proposes to increase the Year's Maximum Insurable Renumeration (known as YMIR) from $52,000 to $60,000, effective January 1, 1999. This amount would apply for both benefit and assessment purposes.
The Year's Maximum Insurable Renumeration is a fundamental element of worker's compensation. It is used to determine benefits payable to an injured worker, as well as the amount of payroll for which an employer will be assessed in the year. The YMIR is currently set at $52,000.
When a worker becomes entitled to worker's compensation in the NWT, he or she is paid 90 percent of those earnings for as long as the disability continues. If a worker's earnings exceed the YMIR, this calculation is based on $52,000. Employers, meanwhile, are assessed according to their payroll. When a worker receives a salary greater than YMIR, the employer is only assessed on payroll up to $52,000.
In closing , I ask this committee to support the YMIR increase and recommend to the Assembly that Bill 11 receive final reading in this sitting. Thank you.