WSIB announces premium rates for 2012
Ontario’s Workplace Safety and Insurance Board (WSIB) announced that premium rates for all employer rate groups will increase by two per cent on January 1, 2012.
The increase, previously announced after consultations with stakeholders in September 2010, will contribute to the long-term financial stability of Ontario’s workplace insurance system.
The average premium rate has not been raised in four of the past seven years. In 2012, the average premium rate will be $2.40 per $100 of insurable earnings, an increase from $2.35 in 2011. The 2012 average rate is still well below the $3.00 employers were paying in the mid-’90s.
“We drew upon input and advice from employer and worker stakeholders in formalizing this fair and balanced increase,” said the Hon. Steven Mahoney, WSIB Chair. “All stakeholders recognize that the long-term financial stability of the workplace insurance system is vital.”
