WSIB premium rates to remain unchanged in 2024

Provine hopes historically low rates will boost employment and income

WSIB premium rates to remain unchanged in 2024

In a move aimed at providing stability to businesses during a period of rising inflation, the Ontario government has announced that premium rates paid by businesses to the Workplace Safety and Insurance Board (WSIB) will remain unchanged in 2024. The decision to maintain these rates at a historic low is expected to have a positive impact on job creation and workers' income.

“Under the leadership of Premier Ford, the WSIB has cut the average premium rate for safe employers in half, allowing more businesses to reinvest in the economy and their workers,” says David Piccini, Minister of Labour, Immigration, Training and Skills Development. “While keeping rates at a historic 20-year low, our government will continue to bring generational change to the WSIB to deliver better services for the injured workers and businesses who rely on it.”

Over the past year, the WSIB has provided a 6.5% cost of living increase to individuals receiving income replacement benefits. Additionally, the WSIB has extended incentives for smaller businesses enrolled in its Health and Safety Excellence program until December 31, 2024.

Small businesses participating in the program can now benefit from double rebates for every completed topic, along with an additional $1,000 towards implementing a health and safety program.

"We were able to hold the line on premium rates in 2024 and will continue to improve our services and results,” says Jeff Lang, president and CEO of the WSIB. “We are also continuing with incentives to small businesses to reduce injuries from happening in the first place."

Last month, Ontario announced the relocation of the WSIB head office to London, with the new location at 300 Tartan Drive expected to bring a $100 million boost to the London area. This move coincides with the WSIB's renewed focus on increasing support for injured workers and enhancing services for businesses.

In addition to exploring increased compensation for injured workers, the WSIB plans to return up to $1.5 billion to safe employers. The organization is also expanding its online services and extending phone hours to make it easier for individuals and businesses to access assistance when needed.

The decision to maintain steady premium rates for the WSIB in 2024 will be a welcomed relief for employers.