WSIB to return up to $3 billion in excess funds to employers with clean accident records

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The Ontario government is introducing legislation that would allow the Board of Workplace Safety and Insurance to refund up to $3 billion in additional funding to employers with clean accident records.

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The move is to be announced by Labor Minister Monte McNaughton on Wednesday morning.

“This package will save employers hundreds of millions of dollars that can be reinvested in new jobs, technology, and health and safety protections. At the same time, injured workers will continue to receive world-class benefits and services,” McNaughton said in a press release.

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The surplus created in the wake of premium increases introduced in 2013 by the former Liberal government to deal with chronic shortages of the WSIB. While those increases were intended to end the shortfall by 2027, instead, it lasted until 2018.

The government hopes to introduce legislation this fall, allowing the WSIB to pay businesses additional money when the WSIB reaches 115 percent of its funding target (it currently stands at 119 percent, which is 119 percent). represents a surplus of approximately $5.8 billion).

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The law will make it mandatory for the WSIB to pay some surplus when the WSIB is 125 percent of the required funds. WSIB is not allowed to pay any surplus at present.

Possible options for reducing the surplus include a premium leave, allowing employers to forgo their premiums until the surplus is taken out, or a lump-sum payment for eligible workplaces, although work is still at final detail. has not been done.

this step. follows the recommendations of an operational review of WSIB released last November.

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