Due to the elimination of the unfunded liability of Ontario’s Workplace Safety and Insurance Board’s insurance fund, premium rates for employers will be reduced by almost 30 per cent.
Beginning Jan. 1, 2019, the reduction will help employers save money, increase investment and create more jobs, resulting in a $1.45 billion injection into the Ontario economy, according to a press release from the provincial government. The unfunded liability stood at $14.2 billion in 2011.
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“This is great news for everyone in Ontario. Employers can use these major savings to put more money back in the economy, invest in new equipment and infrastructure, and create good jobs right here in Ontario,” said Minister of Labour Laurie Scott.
“Workers can have confidence that the WSIB has a sustainable system with enough money to pay for their future benefits.”