WSIB announces premium rates for 2012
FOR IMMEDIATE RELEASE
Toronto (June 29, 2011) - The Workplace Safety and Insurance Board (WSIB) confirmed today that premium rates for all employer rate groups will increase by two per cent on January 1, 2012. This increase, previously announced after consultations with stakeholders in September 2010, will contribute to the long-term financial stability of Ontario’s workplace insurance system.
The average premium rate has not been raised in four of the past seven years, with only modest increases in the others. The 2012 average premium rate will be $2.40 per $100 of insurable earnings, an increase from $2.35 in 2011. The 2012 average rate is still well below the $3.00 employers were paying in the mid-’90s.
“We drew upon input and advice from employer and worker stakeholders in formalizing this fair and balanced increase,” said the Hon. Steven Mahoney, WSIB Chair. “All stakeholders recognize that the long-term financial stability of the workplace insurance system is vital.”
For their tax-deductible WSIB premiums, employers receive a range of resources, tools and programs to promote work reintegration and workplace health and safety. Employers who have effective health-and-safety and work-reintegration programs can take advantage of financial incentives to lower their workplace insurance costs.
A comprehensive review of the WSIB’s funding policy and premium rate structure is currently underway by Professor Harry Arthurs (wsibfundingreview.ca).
Ontario’s Workplace Safety and Insurance Board (WSIB) plays a key role in the province’s workplace health and safety system. The WSIB administers no-fault workplace insurance for employers and their workers and is committed to the elimination of workplace injuries and illnesses. The WSIB provides disability benefits, monitors the quality of healthcare, and assists in early and safe return to work for workers who are injured on the job or contract an occupational disease.
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For more information, please contact:
Christine Arnott, WSIB Media Specialist