TORONTO, Aug. 21, 2014 /CNW/ - The Workplace Safety and Insurance Board (WSIB) announced today that in 2015, for the second consecutive year, premium rates will be maintained at current levels for the majority of employers. Only one rate group, Local Government Services, will see an increase in premium rates as a result of expanded coverage under the presumptive legislation for firefighters.
"Thanks to continuing improvements in return to work outcomes, more timely adjudication and lower claim volumes, the WSIB is able to provide premium rate stability while improving our funding position," said Elizabeth Witmer, Chair of the WSIB.
Maintaining current rates for 2015 can also be attributed to modest increases in employer premiums in previous years and continued growth in employer payrolls. Matching our premium revenues to our overall costs has ensured a more sustainable system. Today, the compensation system is more than 64 per cent funded, and we are on our way to meeting our legislated requirements of 80 per cent funding by 2022 and 100 per cent by 2027.
The WSIB's sufficiency ratio of assets to liabilities has improved from 56.9 per cent as at December 31, 2012, to 64.5 per cent as at March 31, 2014. These improvements have been made while maintaining benefit levels for injured workers.
"Today, the WSIB offers more accessible health care and support for injured workers than ever before. In the last year alone, WSIB return to work staff made more than 26,000 visits to workplaces to help injured workers get back more safely and quickly to their jobs," added Witmer.
The WSIB enters its second century of service to Ontarians as a more responsive and financially sustainable organization, offering faster and better care for injured workers and more support and predictability for employers.
SOURCE: Workplace Safety & Insurance Board
For further information: Christine Arnott, WSIB Media Relations, 416-344-4202, [email protected]