The Workplace Safety and Insurance Board (WSIB) is reducing the workplace compensation average premium rate by 17% next year.
The rate change comes after the board announced plans to revise its rate setting scheme last April; WSIB chief financial officer Pamela Steer noted in a previous statement that the board had not changed its premium rate calculation for over 20 years.
During its most recent annual meeting, the WSIB revealed its decision to lower rates in 2020 – the fourth year in a row that the board has reduced the average premium rate. The 17% reduction also fully eliminates the premium surcharge businesses were paying to cover an unfunded liability, a release explained.
“Eliminating our unfunded liability last year paved the way for us to implement a new premium rate-setting model that levels the playing field, boosts fairness and increases transparency,” said WSIB chair Elizabeth Witmer. “We are pleased that we have been able to help more people recover and return to work while reducing premiums for Ontario businesses.”
By reducing the average premium rate from $1.65 to $1.37, the WSIB estimated that it would save Ontario businesses a total of approximately $607 million, which they can use to invest in new jobs, new technology and workplace health and safety improvements.
In addition to the new average premium rate, the WSIB has also launched a new online service called Compass, which allows businesses to track their individual 2020 premium rates, as well as detailed claims and costs data.
Compass also allows users to report an injury or illness, upload claim-related documents, register a new business, and make premium payments.
WSIB is also planning to launch its Health and Safety Excellence program this November. The program focuses on 36 standards that serve as guideposts for businesses, so they can work on their workplace health and safety.
