As reported in our April 14, 2015 newsletter, WSIB has undertaken one of its largest and significant reforms to the employer's Rate Group Classification System called The Rate Framework Reform - which is expected to be launched sometime in 2018. These changes, as reported, will significantly change how WSIB assesses your premium rate(s) and your experience rating plan.
While The Rate Framework Reform is being reviewed further, WSIB has released their 2016 premium rates. As reported by WSIB, the 2016 premium rates will not be increased.
The following link will direct you to the WSIB 2016 Rate Premium for your specific Rate Group.
2016 WSIB Premium Rate Finder
The WSIB Maximum Insurable Earnings Ceiling for 2016 is $88,000. This is an increase of 3.3% from $85,200 in 2015. Changes to the Maximum Insurable Earnings Ceiling are directly linked to changes in average earnings in Ontario as measured by Statistics Canada, and provisions under the Workplace Safety and Insurance Act.
WSIB has also reported that the Unfunded Liability Fund (UFL) has been reduced by $2.4 billion to $8.9 billion in part due to its strong operating results for 2014.
For further information please contact Greg Sathmary at (613) 260-0600.