Ontario’s Labour Minister says a reduction in WSIB rates for small businesses means safer workplaces.
Monte McNaughton says the $168-million move, set to go into effect in 2022, basically amounts to a tax cut for employers.
“This means our local merchants will now have more money to reinvest in health and safety training, creating new jobs, paying their workers more, and supporting thier neighbours,” McNaughton says. “At the same time, injured workers will receive the same level of benefits and support.”
The premium reduction works out to an average of 5% for employers.
The government also wants to make sure any excess fees end up back in the pockets of businesses.
New legislation intended to be introduced later this fall would, if passed, require the WSIB to return excess funds to employers once the Board’s surplus reaches 125%, with the option to do so earlier.
The Workplace Safety and Insurance Board covers over five million people in more than 300,000 workplaces across Ontario.
“At a time when Ontario is looking to stimulate recovery, lower operating costs will help businesses get back on their feet faster,” says Rocco Rossi, President and CEO of the Ontario Chamber of Commerce. “Today’s announcement is welcome news for workers and employers in all corners of the province, as the savings can be better spent on job creation, new technologies, infrastructure, and safer workplaces.”
