WSIB to Launch Rate Framework September 25, 2019

The long wait to discover the impact of Rate Framework on your WSIB premium will soon be over.

The WSIB Annual Meeting will include an announcement of changes to the average premium rate and all registered employers will be informed of their 2020 customized premiums.

It is anticipated that the WSIB will eliminate the past claims charge as the unfunded liability has not only been eliminated, but it now has a funding surplus of about $8 billion. This change alone should drive reductions, averaging over 10% for most employers. However, the new model will impact some negatively, including ICI general contractors, resulting in smaller changes.

We will provide you with an update as soon as the information is released.