The Workplace Safety and Insurance Board (WSIB) announced good news for retailers. Effective January 1, 2018, an average three percent premium rate reduction for businesses operating in Ontario. This builds on the 6.2 per cent reduction to the average premium rate in 2017. It is expected this will save businesses in Ontario an additional $140 million on an annual basis. This saving will allow businesses to re-invest in their Ontario operations.
Furthermore, the WSIB announced that it has reduced its unfunded liability (UFL) to $2.6 billion and it is expected the UFL will be paid down long before the 2027 timeframe.
Examples of various rate group changes are below.
Rate Group 2018 Rate Percentage change over 2017
|Rate Group||2018 Rate||Percentage change over 2017|
|604 Food, Sales||2.34||-3.00%|
|606 Grocery & Convenience Stores||2.09||-2.40%|
|607 Specialty Food Stores||3.21||-7.50%|
|608 Beer Store||3.95||-7.50%|
|636 Other Sales||1.32||-6.80%|
|641 Clothing Stores||1.37||-7.30%|
|668 Computer Electronic Sales||0.45||-4.40%|
Retail Council of Canada will continue to work with WSIB to ensure future premium rates are reduced for Ontario retailers.