Ontario’s WSIB ends unfunded liability charge
Ontario’s Workplace Safety and Insurance Board (WSIB) is removing the unfunded liability charge, also known as the Past Claims Cost, from its rates.
By Kavita Sabharwal-Chomiuk
Ontario’s Workplace Safety and Insurance Board (WSIB) is removing the unfunded liability charge, also known as the Past Claims Cost, from its rates, effective January 2020. WSIB claims this change will save employers approximately $607 million in costs to business.
This follows the elimination of the unfunded liability in September 2018, which resulted in an almost 30 per cent decrease in premiums from when the elimination came into effect in January 2019.
“By eliminating the unfunded liability, the WSIB has ensured over 222,000 businesses across the province will see premiums reduced,” said Ontario’s Minister of Labour Monte McNaughton.
Ontario’s WSIB is Canada’s largest insurer for workplace safety. The organization provides benefits to injured workers. Over 300,000 employers in Ontario are registered with the WSIB, and are receiving coverage for over five million employees.