The Ontario Government and the Workplace Safety and Insurance Board (WSIB) announced – effective January 1, 2019 – an average premium rate reduction of almost 30% for Ontario employers. This reduction will boost Ontario’s economy by $1.45 billion by allowing employers to save money, increase investment and create more jobs.
Overall, the premium rate reduction is above average for retail sectors:
2019 Premium Rate ($)
2018 Premium Rate ($)
Grocery and Convenience Stores
Specialty Food Stores
Computer, Electronic and Electrical Equipment Sales
Lumber and Builders Supply
For the combined retail sector in the province of Ontario, the Retail Council of Canada estimates that this change translates to a payroll savings of. over $150M annually and growing. This figure also takes into account WSIB’s annual insurable earnings maximum.
The rate reduction is due to the elimination of the Unfunded Liability (UFL) – the shortfall between future obligations to pay injured workers and the money available to pay them – which comes two years earlier than expected. We at the Retail Council of Canada have been actively advocating on your behalf for rate premium reductions, and we will continue our efforts with WSIB to ensure future premium rates are further reduced for the retail sector.
If you have any questions or concerns, please don’t hesitate to contact: Julian Portelli, Director Government Relations (Ontario) at: email@example.com or 416-467-3744