TORONTO, Aug. 27, 2015 /CNW/ - The Workplace Safety and Insurance Board (WSIB) announced today that it will not increase premium rates in 2016.
"Our Board of Directors' decision to keep rates at current levels was made based on careful actuarial and financial analysis. It provides stability for employers as the WSIB reviews its rate setting methodologies in consultation with stakeholders to come up with the fairest and most effective solutions," said Elizabeth Witmer, Chair of the WSIB.
Premium rates will remain the same for 2016, making this the third consecutive year that employers have not seen an increase in premium rates. (Rate Group 845, "Government and Related Services", did see an increase in 2015 due to presumptive legislation for firefighters.)
The WSIB's strong operating results for 2014 further reduced the Unfunded Liability (UFL) by $2.4 billion to $8.9 billion, corresponding to an increase in the Sufficiency Ratio from 63.0 per cent at December 31, 2013 to 70.9 per cent at December 31, 2014. The WSIB recently updated the Sufficiency Ratio projections to reflect 2014 results. These results can be found in the 2015 Sufficiency Plan – Annual Update.
Together, the WSIB, injured workers and employers are making significant improvements in health care, recovery and return-to-work outcomes. Results show that 92 per cent of workers returned to work with no wage loss, and 80 per cent of injured workers in our Work Transition Program successfully found employment. The percentage of workers still off the job after one year because of an illness or injury fell by 50 per cent since 2009, and the number of work injuries resulting in a chronic or permanent impairment has also dropped by 50 per cent.
The WSIB is committed to working with stakeholders on improving fairness in the way the system is funded and will make further announcements on the long term outlook for funding and premium rates in the fall of 2015.
SOURCE Workplace Safety & Insurance Board
For further information: Christine Arnott, WSIB Public Affairs, 416-344-4202, email@example.com