Human Resources Legislative Update
Reduction of WSIB Premium Rates for Employers Announced
Date: September 28, 2018
On September 26, 2018, the Ontario government and the Workplace Safety and Insurance Board (WSIB) announced that WSIB premium rates for employers will be reduced by almost 30 percent, starting January 1, 2019.
The announcement states the reduction is due to the elimination of the unfunded liability of the WSIB’s Insurance Fund. The unfunded liability is the shortfall between future obligations to pay injured workers and the money available to pay them.