TORONTO — In a year when costs have been skyrocketing in the construction industry, Ontario employers can look forward to stable Workplace Safety and Insurance Board (WSIB) premiums for the coming year.
In a statement released Oct. 31, the Government of Ontario announced it wouldn’t be raising the employer-paid premiums for 2024. The current average premium rate id $1.30 per $100 of insurable payroll.
David Piccini, Minister of Labour, Immigration, Training and Skills Development said he hopes companies take advantage of the financial breathing room to create new jobs and give current employees a pay boost.
“The WSIB has cut the average premium rate for safe employers in half, allowing more businesses to reinvest in the economy and their workers,” he said.
The government is also extending incentives for smaller businesses enrolled in its Health and Safety Excellence program through to the end of 2024. The program will offer small businesses a doubled rebate for every topic completed, as well as an additional $1,000 towards implementing a health and safety program.
“We were able to hold the line on premium rates in 2024 and will continue to improve our services and results,” said Jeff Lang, President and CEO of WSIB. “We are also continuing with incentives to small businesses to reduce injuries from happening in the first place.”
Employers can access their individual 2024 premium rate statements on the WSIB’s website starting Oct. 31.
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