Ontario WSIB lowering average rates 3% for 2018
$760 million to remain in the Ontario economy following latest cut.
TORONTO — For the second year in a row, the Ontario Workplace Safety and Insurance Board (WSIB) is lowering its premium 3% for 2018.
Combined with last year’s cut, that’s a 9% reduction, noted Elizabeth Witmer, WSIB chair. “That means $760 million will remain in Ontario’s economy.”
More than 300,000 businesses and organizations pay premiums for the WSIB’s workplace injury and illness coverage.
The organization’s 2017 economic statement shows continued progress reducing the unfunded liability, which now stands at $2.6 billion, down from $14.2 billion in 2011.