Hamilton, ON—Ontario’s Workplace Safety and Insurance Board (WSIB) is cutting premium rates in 2022 by $168 million. These new cuts will bring the total reduction in premiums since 2018 to $2.4 billion.
“We know shopkeepers and merchants on main streets across Ontario need help,” explains Monte McNaughton, minister of labour, training and skills development in Ontario. “That is why our government is taking action by modernizing the WSIB to support these employers and protect local jobs.”
In addition to cutting premium rates, Ontario is planning to introduce legislation that would distribute WSIB’s current reserve, which is valued at $6.1 billion, to safe employers.
“Today’s announcement will allow employers in the construction industry to increase their investment in health and safety and grow their businesses, allowing construction to continue to lead the economic recovery,” says Andrew Pariser, vice president and chair of the health and safety committee for RESCON. “Premium rate decreases highlight that health and safety efforts in residential construction are working. RESCON supports the approach that the risk should be reflected in the rate. Lower rates show our safety improvements are working.”
The Ontario government is also proposing to enable WSIB to work with the Canada Revenue Agency (CRA) to streamline remittances for businesses. This change would create a one-stop shop for submitting payroll deductions.