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On September 20, the Workplace Safety and Insurance Board (WSIB) announced at its Annual General Meeting that it will cut rates for the second consecutive year. The cuts will average three per cent across all sectors and take effect January 1, 2018.
Last fall’s announced rate cut of an average of five per cent for 2017 ended up being 6.2 per cent.
The WSIB’s Unfunded Liability (UFL) – money owed to injured workers for future benefits the WSIB doesn’t currently possess – has dropped to $2.6 billion, down from $4.0 billion in 2016, and a high of $14.2 billion in 2011. The WSIB now expects to eliminate the UFL by 2020, a year earlier than projected last year.
Winners of the WSIB’s first-ever Small Business Health and Safety Leadership Awards were also announced on September 20. These awards recognize outstanding achievement in health and safety by businesses with under 50 employees. Two of the three winners are CFIB members, including Devolder Farms Inc. of Dover Centre, and Mike Moore Construction Ltd. of Sault Ste. Marie. We offer hearty congratulations to the award winners, and to Ontario VP Plamen Petkov for serving as one of the judges for these awards at the WSIB’s request.
Details of the WSIB’s announcement are available here.
CFIB will keep working with WSIB officials and government policy makers to get results for small business on worker’s compensation issues and premium rates.