One of the key goals of the proposed Preliminary Rate Framework is to implement a “streamlined and simpler classification structure”. The word “simpler” is key!
Ontario's Workplace Safety & Insurance Board made headlines this month by announcing that employer premiums would decrease an average of 5% in 2017, the first such decrease in over 15 years. This will result in approximately $250 million less being collected from employers, making the average premium rate $2.46 per $100 of insurable payroll, down from $2.59 in 2016.
Ontario's workers' compensation system is on the verge of a major overhaul and employers need to be aware of how this change will impact them. As part of the administration's ongoing efforts to eliminate its significant unfunded liability and to modernize operations, the WSIB has proposed Rate Framework changes that are expected to come into effect in 2019.