WSIB confirms rate increase of 2 per cent for 2012
Workers’ compensation premiums will rise two per cent on Jan. 1, 2012, for all employer rate groups, according to Ontario’s Workplace Safety and Insurance Board (WSIB).
The 2012 average premium rate will be $2.40 per $100 of insurable earnings, an increase from $2.35 in 2011.
"We drew upon input and advice from employer and worker stakeholders in formalizing this fair and balanced increase," said Steven Mahoney, WSIB chair. "All stakeholders recognize that the long-term financial stability of the workplace insurance system is vital."
A review of the WSIB's funding policy and premium rate structure is underway by professor Harry Arthurs. More information about the review is available at: wsibfundingreview.ca.
