Ontario’s Workplace Safety and Insurance Board (WSIB) is rolling back rates next year, by an average of 5.1%, with trucking employers saving even more.
This after holding rates steady in 2021 to help businesses recover from the pandemic, the organization claims. The premium reductions will inject about $168 million into the economy next year, WSIB claims.
The average rate will be $1.30, down from $1.37, per $100 of insurable payroll. Trucking’s rate will be $4.03, down 5.6% from $4.27 the past two years.
“Our strong financial performance allows us to ease the pressure on Ontario businesses during these difficult times while continuing to help people recover and return to work,” said Elizabeth Witmer, chairwoman of the WSIB. “This is the fifth time in the last six years we have been able to reduce the average premium rate, confirming Ontario as a jurisdiction with among the most generous benefits in North America at a competitive cost.”
WSIB also says it will allow businesses to log in and view detailed claims information in real-time, beginning in 2022.
“We are transforming the way we do business so that doing business with us is easier,” said Tom Bell, president and CEO of the WSIB. “Enhancements to our online services continue to make it simpler for people to file or track a claim, for businesses to manage their accounts, or for health care providers to register, bill and get paid – freeing up their time and ours to focus on service.”
Ontario businesses can expect to receive their 2022 premium rate statements later this month.