WSIB premiums to drop for a fourth consecutive year
Toronto, September 25, 2019 – Small businesses across Ontario will be pleased with today’s announcement of an average 17 per cent rate reduction, says the Canadian Federation of Independent Business (CFIB).
The Workplace Safety and Insurance Board (WSIB) announced the move earlier today, marking the fourth consecutive year of rate reductions and the second consecutive double-digit cut since eliminating their unfunded liability last fall. This year’s reduction represents $607 million going into the provincial economy, allowing businesses to invest more in jobs and economic growth.
“Both employers and employees win when the WSIB is in such a strong financial position,” said Plamen Petkov, CFIB vice president for Ontario. “We applaud Chair Elizabeth Witmer and President Tom Teahen for their leadership and hard work in making the WSIB fiscally sustainable for the first time in the WSIB’s history. The Ontario government also deserves credit for ensuring that the savings are returned directly into the economy.”
The WSIB’s 2020 premium rates have been set using a new, streamlined model designed to calculate fair rates for businesses based on their particular industry and individual claims experience.
“We are committed to working with the WSIB to ensure this change is smoothly managed and any financial impact is reasonably mitigated over the next few years,” said Julie Kwiecinski, CFIB director of provincial affairs for Ontario.
CFIB also congratulates this year’s winners of the WSIB Small Business Health and Safety Leadership Awards for adopting outstanding health and safety programs in their business: Hawkins Contracting Services Ltd. (Stouffville), Clearview Window Cleaning (Thunder Bay), and Double AA Metal Roofing Inc. (Belle River).
For media inquiries or interviews, please contact:
Milena Stanoeva, CFIB
The Canadian Federation of Independent Business (CFIB) is Canada’s largest association of small- and medium-sized businesses with 110,000 members across every sector 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.