Toronto, September 24, 2019 – Today’s Ontario government announcement that the Workplace Safety and Insurance Board (WSIB) will officially eliminate its unfunded liability (UFL) charge as of January 2020, injecting $607 million into the economy, is positive news for small business employers and employees.
Last fall, the WSIB announced that their unfunded liability (UFL) – money owed for future benefits the WSIB did not possess – had been entirely eliminated almost 10 years ahead of schedule, after reaching a high of $14.2 billion in 2011.
“Eliminating the unfunded liability, and now removing the unfunded liability charge, gives the WSIB a clean bill of financial health,” said Julie Kwiecinski, CFIB director of provincial affairs for Ontario. “With a strong and stable financial footing, the WSIB can best balance the needs of both employers and employees. We look forward to hearing at tomorrow’s WSIB Annual General Meeting how today’s announced savings will affect small business owners’ premium rates.”
On behalf of tens of thousands of small businesses who pay WSIB premiums, CFIB had advocated for the elimination of the UFL for over a decade, engaging with governments of different political stripes and the WSIB’s leadership.
For media inquiries or interviews, please contact:
Milena Stanoeva, CFIB
The Canadian Federation of Independent Business is Canada’s largest association of small- and medium-sized businesses with 110,000 members across every industry and region, including over 42,000 in Ontario. CFIB is dedicated to increasing business owners’ chances of success by driving policy change at all levels of government, providing expert advice and tools, and negotiating exclusive savings. Learn more at cfib.ca.