Ontario WSIB announces premium rate cut for 2022
October 14, 2021
Last week, Ontario’s Workplace Safety and Insurance Board (WSIB) announced it would be cutting premium rates in 2022 by $168 million, bringing the total reduction in premiums since 2018 to $2.4 billion. In addition, the Ontario government plans to introduce legislation that, if passed, would allow for the insurance fund to lower its surpluses, from mandatory disbursement when the surplus reaches 125% down to disbursement when the surplus reaches 115%. As of March 31, 2021, the WSIB’s insurance fund is at 119 per cent. Every percentage point represents an estimated $305 million in surplus funds. A move down to 115% from 119% would mean an estimated 1.2 billion dollars.
