HAMILTON, Ont. — Ontario’s Workplace and Safety Insurance Board (WSIB) is cutting premium rates in 2022 by $168 million, bringing the total reduction in premiums since 2018 to $2.4 billion. The government is also planning to introduce legislation that would permit a significant portion of the WSIB’s current reserve, valued at $6.1 billion, to be given to safe employers to help them cope with the impacts of COVID-19.
Furthermore, the Ontario government is proposing to enable the WSIB to work with the Canada Revenue Agency (CRA) to streamline remittances for businesses to make submitting payroll deductions more efficient.
Lastly, worker benefits will be increasing by 9.4 per cent and the growth of premiums is being capped to an increase of 3.2 per cent through a regulation under the Workplace Safety and Amendment Act. Under the new classification, hotels and restaurants will have a 2022 class rate of 0.94 cents, dropping from the 2021 rate of $1.05.
“We know shopkeepers and merchants on main streets across Ontario need help. That’s why our government is taking action by modernizing the WSIB to support these employers and protect local jobs,” says Monte McNaughton, Minister of Labour, Training and Skills Development. “This package will save employers hundreds of millions of dollars that can be re-invested in new jobs, technology and health-and-safety protections. At the same time, injured workers will continue to receive the benefits and services they deserve.”
“At a time when Ontario is looking to stimulate recovery, lower operating costs will help businesses get back on their feet faster,” says Rocco Rossi, president and CEO, Ontario Chamber of Commerce. “Today’s announcement is welcome news for workers and employers in all corners of the province, as the savings can be better spent on job creation, new technologies, infrastructure, and safer workplaces.”