$760 million to remain in the Ontario economy following latest WSIB rate cut; Small businesses also rewarded for health & safety efforts
Toronto, ON (Sept. 20, 2017) – For the second year in a row, the Workplace Safety and Insurance Board (WSIB) is lowering premium rates. The three per cent reduction to the average rate for 2018 was announced at today’s Annual General Meeting (AGM) for stakeholders.
“The rate cut we announced today combined with last year’s reductions means a nine per cent drop in the average premium rate over the past two years,” said Elizabeth Witmer, Chair of the WSIB. “That means $760 million will remain in Ontario’s economy that can be invested in jobs, technology and improvements to workplace health and safety.” Over 300,000 businesses and organizations in Ontario pay premiums for the WSIB’s workplace injury and illness collective liability insurance coverage. The WSIB also released its 2017 Economic Statement today which shows continued progress reducing its unfunded liability (UFL), which now stands at $2.6 billion, down from $14.2 billion in 2011. “Good financial management underpins our ability to keep delivering and expanding the services that help people recover and return to work safely,” said Tom Teahen, WSIB President and CEO. “We are focused on always delivering better outcomes across everything we do.” A key focus of the AGM was the first-ever Small Business Health and Safety Leadership Awards, designed to recognized outstanding achievement in health and safety initiatives in businesses with fewer than 50 employees. Nominated businesses were judged on their performance in five categories: safety culture and leadership, inspections, hazard identification and control, quality of return-to-work programs, and employee safety engagement survey results. “We need to highlight the efforts of leaders in small business who make health and safety a priority,” said Witmer. “These business leaders are leading by example and can inspire other businesses to make improvements.” The three winners were encouraged to reinvest their cash awards in their health and safety programs. The winners were:
- Gold level – JTR & Custom Works Inc., Timmins, $5,000
- Silver level – Devolder Farms Inc., Dover Centre, $3,000
- Bronze level – Mike Moore Construction Ltd., Sault Ste. Marie, $2,000
The Workplace Safety and Insurance Board is an independent trust agency that administers compensation and no-fault insurance for Ontario workplaces. We are committed to delivering what matters to the workers and employers of Ontario: fast, accessible service and fair benefits at a fair price. For more information, visit www.wsib.on.ca.
Source: Workplace Safety & Insurance BoardTags: lower rates, WSIB