WSIB Releases its 2013 Premium Rates
In their release, WSIB indicated that premium rates increased by 2.5% for Ontario employers. The noted increase was necessary to reduce the WSIB's unfunded liability (UFL), which has grown to $14.2 billion.
WSIB has also increased the maximum insurable earnings ceiling to $83,200. An increase of 1.8% from the year before.
The WSIB is carrying a $14.2 billion debt, or UFL. This is the shortfall between the money the WSIB will need to pay benefits in the future and the money that is actually there in the system.
Because of this UFL, workplace insurance premiums in Ontario are among the highest in Canada. It was noted that approximately 30% of your premiums are directed to pay the interest on the UFL.
The link below will direct you to the 2013 premium chart with your associated Rate Group.
2013 WSIB Premium Rates
For additional information, please contact Greg Sathmary (Ottawa) at
613-260-0600 or Industrial Mediation Professional Corporation at 1-800-660-3554.
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