WSIB RECALCULATES 2017 PREMIUM RATES
Ontario’s construction industry is one of several groups to benefit from a miscalculation of 2017 Premium rates announced in early September by Ontario’s Workplace Safety and Insurance Board (WSIB).
In late October, the WSIB noted a higher Past Claims Cost was used in the original calculation of the 2017 target premium rates for Schedule 1. As a result, the overall reduction to the average Schedule 1 rate is 6.2% as opposed to the 5% originally announced. As well, the average Schedule 1 rate is $2.43 for every $100 of insurable earnings, compared to the $2.46 previously announced.
For example, firms classified as being in the “Industrial, Commercial and Institutional Construction” (Group 723), were initially expecting a zero rate change. Now, firms in this group will see a 3.3% drop. In cases where the new rate is higher, the lower of the two will be applied.
The updated calculations for the 2017 rate group premium rates have been independently verified by an internal audit team. In addition, an analysis has been commissioned to identify improved controls to apply during the annual rate setting process to ensure there are no further miscalculations.
To see the entire new rates table, click here.
FOR MORE INFORMATION, CONTACT:
Ontario Construction Secretariat (OCS)
180 Attwell Drive, Suite 360, Toronto, ON M9W 6A9
P 416.620.5210 ext. 222