Thank you, Mr. Chairman. The Standing Committee on Accountability and Oversight held public hearings on Bill 24, An Act to Amend the Workers' Compensation Act on Monday, October 28, 2002. This bill proposes to increase the year's maximum insurable remuneration, or YMIR, from its current $63,350 to $64,500 effective January 1, 2003.
YMIR is used to calculate the maximum benefits payable to injured workers as well as the amount of payroll an employer will be assessed on the upcoming year. The consequence of increasing the benefit payable to workers is a corresponding increase to the amount of payroll that an employer has to pay WCB assessment on.
The Workers' Compensation Board has a yearly statutory requirement to review the YMIR. The committee was told that in reviewing the YMIR the board determines whether the rate in the Northwest Territories and Nunavut covers 70 to 80 percent of workers in replacing their total income.
Mr. Chairman, in addition we also understand that the board considers whether the YMIR is in the top three in Canada and whether the board has one of the three lowest assessment rates in the country.
According to information provided by the WCB, the YMIR increase proposed in Bill 24 accomplishes this. This completes the committee's review of Bill 24, An Act to Amend the Workers' Compensation Act. Individual members of the committee may have questions and comments for the Minister as we proceed. Thank you, Mr. Chairman.