Ontario Construction News staff writer
Ontario’s safe employers are receiving a rebate totalling up to $1.5 billion as Workplace Safety and Insurance Board (WSIB) surplus funds are returned for the first time.
This rebate will give return about 30 per cent of their annual premium payments to 300,000 employers
“After historic underfunding and mismanagement, Premier Ford and I are creating generational change at the WSIB to ensure it is working for workers,” said Monte McNaughton, minister of labour, training and skills development.
“In the coming weeks, I will announce a series of unprecedented supports for the people of Ontario that continue to rebalance the scales in favour of workers.”
The surplus distribution will only be provided to safe employers and will be received starting in April. For a business with 80 to 125 employees, this could mean up to $28,000.
“Ontario businesses are paying the lowest average premium rate in more than 20 years,” said Grant Walsh, Chair of the WSIB. “With solid financial management we can give this rebate to businesses at a time when they need it most while protecting coverage for people injured at work.”
It’s been four years since the elimination of the board’s historic unfunded liability and as of Sept. 30, 2021, the WSIB has $6.4 billion in reserve.