November 6, 2023
WSIB insurance rates to remain steady in 2024
October 31, 2023 — The Ontario government announced the average premium rate businesses pay to the Workplace Safety and Insurance Board (WSIB) will remain steady in 2024. At a time when businesses are combatting rising costs of inflation, the stability will keep rates at a decades-long low, helping create new jobs and allowing for bigger paycheques for workers.
“Under the leadership of Premier Ford, the WSIB has cut the average premium rate for safe employers in half, allowing more businesses to reinvest in the economy and their workers,” said David Piccini, Minister of Labour, Immigration, Training and Skills Development. “While keeping rates at a historic 20-year low, our government will continue to bring generational change to the WSIB to deliver better services for the injured workers and businesses who rely on it.”
In the last year, the WSIB provided a 6.5 per cent cost of living increase to people receiving income replacement benefits and is also extending incentives for smaller businesses enrolled in its Health and Safety Excellence program through to Dec. 31, 2024. Small businesses can now benefit from double rebates for every topic completed in the program, plus an additional $1,000 towards implementing a health and safety program.
“We were able to hold the line on premium rates in 2024 and will continue to improve our services and results,” said Jeff Lang, President and CEO of the WSIB. “We are also continuing with incentives to small businesses to reduce injuries from happening in the first place.”
Last month, Ontario announced the relocation of the WSIB head office to London and the selection of the new location at 300 Tartan Drive. The move is expected to bring a $100 million boost to the London area and comes as the agency renews its focus on increasing support for injured workers and improving services to businesses.
Today’s announcement is one more step the government has taken to modernize the WSIB in addition to exploring raising compensation for injured workers while returning up to $1.5 billion to safe employers. The WSIB is also expanding online services and extending phone hours to make it easier to access help anytime, anywhere.
“Under the leadership of Premier Ford, the WSIB has cut the average premium rate for safe employers in half, allowing more businesses to reinvest in the economy and their workers,” said David Piccini, Minister of Labour, Immigration, Training and Skills Development. “While keeping rates at a historic 20-year low, our government will continue to bring generational change to the WSIB to deliver better services for the injured workers and businesses who rely on it.”
In the last year, the WSIB provided a 6.5 per cent cost of living increase to people receiving income replacement benefits and is also extending incentives for smaller businesses enrolled in its Health and Safety Excellence program through to Dec. 31, 2024. Small businesses can now benefit from double rebates for every topic completed in the program, plus an additional $1,000 towards implementing a health and safety program.
“We were able to hold the line on premium rates in 2024 and will continue to improve our services and results,” said Jeff Lang, President and CEO of the WSIB. “We are also continuing with incentives to small businesses to reduce injuries from happening in the first place.”
Last month, Ontario announced the relocation of the WSIB head office to London and the selection of the new location at 300 Tartan Drive. The move is expected to bring a $100 million boost to the London area and comes as the agency renews its focus on increasing support for injured workers and improving services to businesses.
Today’s announcement is one more step the government has taken to modernize the WSIB in addition to exploring raising compensation for injured workers while returning up to $1.5 billion to safe employers. The WSIB is also expanding online services and extending phone hours to make it easier to access help anytime, anywhere.
Quick facts:
- The average premium rate will stay at $1.30 per $100 of insurable payroll.
- The WSIB has reduced premiums by $8.5 billion since 2018.
- The WSIB, which is completely funded by employer premiums, provides wage-loss benefits, medical coverage and support to help people get back to work after a work-related injury or illness.
- Ontario businesses can access their individual 2024 premium rate statements on the WSIB’s website starting Oct. 31, 2023.
- The Board is one of the largest public insurance organizations in North America, covering over five million people in more than 300,000 workplaces across Ontario.
- The WSIB is an arm’s length agency of the Ministry of Labour, Immigration, Training and Skills Development.