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Act Now - The Report of the WCB Legislative Review Panel to the

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3.6.3 Year’s Maximum Insurable Remuneration (YMIR)When <strong>the</strong> Meredith <strong>Report</strong> was presented, it recommended placing a maximum amountfor <strong>the</strong> payment <strong>of</strong> financial compensation. All jurisdictions contain reference <strong>to</strong> what isusually called <strong>the</strong> YMIR. <strong>The</strong> effect is <strong>to</strong> limit compensation calculations <strong>to</strong> actualwages or <strong>the</strong> YMIR, whichever is less.<strong>The</strong> NWT and Nunavut <strong>Act</strong>s set <strong>the</strong> amount <strong>of</strong> YMIR at $63,350.Some stakeholders <strong>to</strong>ld <strong>the</strong> <strong>Panel</strong> that YMIR should be eliminated and <strong>the</strong> calculationsfor compensation should be based on an injured worker’s actual wages. Somestakeholders agreed that <strong>the</strong>re should be a maximum amount used in <strong>the</strong> calculation <strong>of</strong>financial compensation but that <strong>the</strong> current YMIR is <strong>to</strong>o low. Some stakeholders <strong>to</strong>ldthat <strong>Panel</strong> that because YMIR is established in legislation, it takes <strong>to</strong>o long <strong>to</strong> changeYMIR when economic conditions change.<strong>The</strong> majority <strong>of</strong> respondents <strong>to</strong> <strong>the</strong> Stakeholder Questionnaire thought that actual wagesshould be used in calculating financial compensation. Respondents were divided as <strong>to</strong>whe<strong>the</strong>r <strong>the</strong> <strong>Legislative</strong> Assembly, Minister, or <strong>WCB</strong> Board <strong>of</strong> Direc<strong>to</strong>rs should have <strong>the</strong>authority <strong>to</strong> set YMIR. <strong>The</strong> majority <strong>of</strong> respondents did think YMIR should changeau<strong>to</strong>matically when <strong>the</strong>re is a change in accepted economic indica<strong>to</strong>rs like <strong>the</strong> ConsumerPrice Index. Respondents were about evenly split in <strong>the</strong>ir views about establishing ayear’s minimum insurable remuneration.<strong>The</strong> <strong>Panel</strong> believes that <strong>the</strong>re is a need for a YMIR. It will never match <strong>the</strong> wages <strong>of</strong> <strong>the</strong>highest paid worker in <strong>the</strong> NWT or Nunavut. It should, however, provide a reasonablecap and generally reflect wages paid in <strong>the</strong> NWT and Nunavut.<strong>The</strong> <strong>Panel</strong> also believes <strong>the</strong>re should be a year’s minimum insurable remuneration. Inexceptional circumstances, an injured worker may be “worse <strong>of</strong>f” by receiving financialcompensation for a work-related injury than by receiving income support. This is not in<strong>WCB</strong> <strong>Legislative</strong> <strong>Review</strong> <strong>Panel</strong> <strong>Report</strong> Page 54 <strong>of</strong> 128December, 2001

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