2023 Premium Rate Announcement
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This does not mean a company’s specific rate will necessarily remain the same for 2023. Specific employer rates are adjusted based on the experience of the employer. The Board continues to incrementally implement rate framework. An employer’s specific 2023 premium rate will move downward to the projected rate or increase up to a maximum of two risk bands (approximately 10%) to the projected rate.
The Board advises that employers will be able to access the company specific rate for 2023 online as of November 1, 2022 (WSIB log in is here). The Board will also mail this information out to each employer “later this fall” (exact date not known).
When you view your 2023 premium rate statement, you will not only see your 2023 rate, but you will also see your “projected rate.” For 2024 onward, rate framework will limit both upward and downward movement approximately 15% for any given year.
