WSIB reduces average premium rate by 5.1% in 2022
The Workplace Safety and Insurance Board (WSIB) announced during its Annual General Meeting (AGM), that the average premium rate for Ontario businesses will be reduced by 5.1% for 2022, from $1.37 to $1.30. The announcement comes after the WSIB held 2021 premium rates at the same level as the previous year, in an effort to support businesses through the COVID-19 pandemic.
“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. “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.”
Additional enhancements to the WSIB’s online services were also announced at the AGM. 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.
“We are transforming the way we do business so that doing business with us is easier,” said Tom Bell, President and CEO of the WSIB (A). “Enhancements to our online services continue to make it simpler for people to file or track a claim, for businesses to manage their accounts, or for health care providers to register, bill and get paid – freeing up their time and ours to focus on service.”
Ontario businesses can expect to receive their 2022 premium rate statements later this month. The statements 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.