QUEEN’S PARK – Ontario’s Workplace Safety and Insurance Board (WSIB) is eliminating its unfunded liability charge, leading to a $607 million reduction in costs to business, Jim McDonell, MPP for Stormont-Dundas-South Glengarry, announced today.
“Our government is committed to providing more economic opportunities for the people of Stormont-Dundas-South Glengarry,” said MPP McDonell. “By eliminating the unfunded liability, the WSIB has ensured over 222,000 businesses across the province will see premiums reduced.”
With the reduction announced today, the Doug Ford Conservative government has reduced WSIB costs to business by more than $2 billion since taking office. These costs are falling while benefits to injured workers are maintained and workplace safety continues to improve.
The WSIB will officially eliminate its unfunded liability charge beginning in January 2020.
“This is good news for employers and employees across the province,” said Ontario Minister of Labour, the Honourable Monte McNaughton. “This money will lead to investments in new jobs, technology and health and safety programs.”
“Today’s news is welcomed by the Ontario business community. Premiums come out of the pockets of business owners. This money saved can be better spent on job creation, new technologies, infrastructure, and better, safer workplaces,”explained Rocco Rossi, President and CEO, Ontario Chamber of Commerce.
- The Ontario Workplace Safety & Insurance Board is Canada’s largest insurer for workplace safety. It provides benefits to injured workers.
- Over 300,000 employers in Ontario are registered with the Workplace Safety and Insurance Boards to receive coverage for some five million employees.
- In September 2018 the Ontario government announced the elimination of the unfunded liability, along with an almost 30 percent decrease in premiums starting in January 2019.
- In January 2020, the unfunded liability charge, or Past Claims Cost, will be eliminated from WSIB rates, resulting in approximately $607 million savings to employers.
- Of this, about $130 million is related to reduced new claims cost and lower administration costs.