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WSIB to reduce average premium rate for Ontario businesses in 2022

DCN-JOC News Services
WSIB to reduce average premium rate for Ontario businesses in 2022

TORONTO—The Workplace Safety and Insurance Board (WSIB) has announced that the average premium rate for Ontario businesses will be reduced by 5.1 per cent for 2022, from $1.37 to $1.30.

The announcement, made during the WSIB’s annual general meeting (AGM) held today, comes after the 2021 premium rates were held at the same level as the previous year to support businesses through the COVID-19 pandemic.

Ontario businesses can expect to receive their 2022 premium rate statements later this month, which will also show the future direction of their premium rates as the WSIB continues the transition to a new rate-setting model that more closely ties premium rates to individual health and safety records, indicates a release.

“Our strong financial performance allows us to ease the pressure on Ontario businesses during these difficult times while continuing to help people recover and return to work,” said Elizabeth Witmer, chair of the WSIB, in a statement. “This is the fifth time in the last six years we have been able to reduce the average premium rate, confirming Ontario as a jurisdiction with among the most generous benefits in North America at a competitive cost.”

Also announced during the AGM were additional enhancements to the WSIB’s online services. Starting in 2022, businesses will be able to log in to view detailed claim information in real time, a service that was first started for people with claims in 2020, adds the release.

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