The WSIB has posted its 2023 average premium rates for Ontario businesses.
While the total average rate has remained flat from 2022 (at $1.30 per $100 of insurable payroll), WSIB rates have ubiquitously increased for retail-specific North American Industry Classification System (NAICS) codes. See here for the four retail classes reported on by WSIB.
Of note to retailers are the following increases (in percentages) and their new rates:
• Motor Vehicles, Building Materials and Food and Beverage Retail (+2.36%, $1.30);
• Furniture, Home Furnishings, Clothing and Clothing Accessories Retail (+8.75%, $0.87);
• Electronics, Appliances and Health and Personal Care Retail (+11.76%, $0.38);
• Specialized Retail and Department Stores (+9.57%, $1.03).
RCC continues to monitor developments related to the WSIB and serves on the WSIB Chair’s Advisory Committee.
For more information, please contact:
Director, Government Relations (Ontario)