TORONTO — Ontario’s Workplace Safety and Insurance Board (WSIB) has announced it’s holding premium rates steady for businesses in 2024 with little change in rates for the five ICI construction classes.
The WSIB’s average premium rate for Ontario businesses will remain steady for 2024 at $1.30 for every $100 of insurance payroll, the board stated.
ICI construction firms are in separate classes from residential constructors. For Class G2, with firms in Infrastructure construction, the rate will be 1.80, down slightly from the 2023 rate which was 1.81; the rate for Foundation, Structure and Building Exterior Construction employers is 3.51 for 2024, a drop from 3.60 in 2023; and the rate for Building Equipment Construction will be 1.52 next year, up slightly from 1.50 this year.
For firms in Specialty Trades Construction, the rate is 2.16 for 2024, the same as this year. For the Non-residential Building Construction class, the rate for 2024 is 1.55, the same as this year.
The rate for Residential Building Construction will be 2.40 next year, a drop from this year’s 2.47.
The WSIB is also extending incentives for small businesses enrolled in its health and safety excellence program. Smaller businesses can benefit from double rebates for every topic completed plus an additional $1,000 towards implementing a health and safety program through Dec. 31, 2024.
Businesses can access their individual 2024 premium rate statements by logging in to their account at wsib.ca.
The WSIB has also announced that its maximum insurable earnings ceiling for 2024 is $112,500, compared to $110,000 in 2023. Changes to the maximum insurable earnings ceiling are directly linked to changes in average earnings in Ontario as measured by Statistics Canada.
“We are determined to make it easier and faster for people to get the help they need if they suffer workplace injury or illness, and to deliver value for Ontario businesses,” stated WSIB President and CEO Jeffery Lang in a statement. “We are able to hold the average premium rate this year while continuing to improve results for people.”