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Toronto, September 26, 2018 – The Canadian Federation of Independent Business (CFIB) is very pleased that the Workplace Safety and Insurance Board (WSIB) will reduce 2019 premium rates by an average of nearly 30 per cent across all sectors. The WSIB also announced that their unfunded liability (deficit) has been entirely eliminated, after reaching a high of $14.2 billion in 2011.
“Today’s announcement by the WSIB brings much-needed relief to small business employers, who over the last few decades have been paying more than their fair share in funding the workers’ compensation system in Ontario,” said Plamen Petkov, CFIB’s Ontario Vice-President. “A fully-funded WSIB means lower payroll premiums, which will allow Ontario’s job creators to invest more in their business and in their employees.”
For more than 15 years, CFIB has been providing recommendations and advice to the WSIB on reaching fiscal balance and reducing rates. In 2013, WSIB chair Elizabeth Witmer attended seven roundtables with CFIB members across the province to directly hear their WSIB concerns and started acting on their priorities immediately.
“We would like to sincerely thank WSIB chair Elizabeth Witmer and president Tom Teahen on eliminating the WSIB’s unfunded liability almost 10 years ahead of the legislated schedule and for reducing premiums in a significant way,” said Petkov. “This is a testament to their leadership, fiscal discipline and tireless efforts, and is a shining example of achieving financial sustainability for others in government.”
CFIB remains committed to continuing its work with WSIB officials and the Ontario government to ensure the WSIB’s funding policy remains sustainable and fair to both employers and injured workers.
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 42,000 in Ontario. Learn more at cfib.ca.