A Message from the WSIB Chair & President: First Premium Rate Reduction Since 2001
On behalf of the Board of Directors of the Workplace Safety and Insurance Board (WSIB), we are writing to announce a five per cent reduction on the average premium rate for Schedule 1 in 2017.
For 2017, rate groups that have shown positive performance will see a decrease of up to 14 per cent compared to 2016.
No rate groups will see an increase in their premium rates, with the exception of two affected by the new presumptive Post Traumatic Stress Disorder legislation- RG 845: Local Government Services and RG 590: Ambulance Services.
After reaching a high of $14.2 billion in 2011, the WSIB’s unfunded liability (UFL) today has been reduced by more than half to $5.6 billion. The reduction of the UFL and associated premium rate reductions are taking place at a time when benefits for injured workers have been maintained.
Technical rate sessions for industry stakeholders will be held at select times during fall 2016. These sessions will include recommendations on how to improve premium rates as well as relevant information on improving health and safety outcomes in the workplace. For more details on these sessions please contact: email@example.com.
Elizabeth Witmer, Chair
Thomas Teahen, President & CEO