WSIB promises further reduction to 2017 premium rates
November 1, 2016 - Ontario’s Workplace Safety & Insurance Board (WSIB) reports a higher-than-necessary Past Claims Cost was used when calculating the 2017 target premium rates for Schedule 1, which means the published rates were determined inaccurately.
WSIB says it has corrected this error by recalculating all premium rates for 2017, and will charge each Rate Group the lower of the two rates, originally published or revised. This will result in decreases for more Rate Groups, and no Rate Groups will see increases as a result of this adjustment.
The overall reduction to the average Schedule 1 rate is 6.2% compared to the 5% previously announced. As well, the average Schedule 1 rate is $2.43 for every $100 of insurable earnings compared to the previously announced $2.46.
Rate Group 704 premiums are being reduced from $3.69 to $3.40 (7.9%) while Rate Group 830 premiums are being reduced from $4.45 to $3.83 (13.9%), reports Electrical Contractors Association of Ontario (ECAO).
The updated calculations for the 2017 Rate Group premium rates have been independently verified by WSIB’s Internal Audit team, says the agency. In addition, an analysis has been commissioned to identify improved controls to apply during the annual rate-setting process to ensure there are no further miscalculations.
To learn more, check visit www.wsib.on.ca and click on Employers, and check out the documents below:
• What does this adjustment mean for me? (PDF, download below)
• Revised 2017 Premium Rates 101 (PDF, download below)
• Technical FAQ (PDF, download below)
The WSIB Premium Rates for 2017 will be in effect as of January 1, 2017.
— Thanks to ECAO for the tip!
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