Electrical Business

Business News
WSIB holds average premium rate for Ontario businesses at lowest level in more than 20 years

October 20, 2022  By Staff


New incentives expected to help businesses invest in safety

The Workplace Safety and Insurance Board (WSIB) announced today that the average premium rate for Ontario businesses will remain steady for 2023 at $1.30 for every $100 of insurable payroll.

“We are doing our part to support Ontario businesses as they recover from the pandemic while improving outcomes for people who have been injured to have a safe, timely and lasting return to work,” said Jeffery Lang, WSIB President and CEO. “I am very proud that we are able to hold premium rates to a 20-year low.”

Offering the lowest average premium rate in 20 years builds on the support the WSIB has provided businesses during the pandemic, including the first-ever surplus rebate for safe businesses earlier this year. That rebate resulted in more than $1.2 billion injected back into Ontario’s economy.

“Our government is driving generational change at the WSIB to deliver for people injured at work while also keeping costs low for Ontario businesses,” said the Hon. Monte McNaughton, Minister of Labour, Immigration, Training and Skills Development. “Working together, we will be taking more action in the coming months to support safe employers and put workers and their families first.”

Advertisement

In 2023, the WSIB is also offering smaller businesses enrolled in the Health and Safety Excellence program double their rebates for every topic completed, plus $1,000 toward implementing their health and safety plan.

“Some businesses could earn back their entire premium payment if they invest in health and safety improvements in the workplace,” said Lang. “This is the biggest financial incentive we’ve ever had and I hope a lot of small businesses take us up on this offer.”

Ontario businesses will be able to access their individual 2023 premium rate statements on the WSIB’s website starting November 1, 2022 with paper copies mailed later in the month.

The WSIB is working with the government of Ontario and other safety partners as part of a modernization effort to deliver better outcomes for people injured at work, improve health and safety in Ontario workplaces, and offer a better service experience.


Print this page

Advertisement

Stories continue below