Premium rates to be cut by $168 million.
Ontario's Workplace Safety and Insurance Board (WSIB) is once again decreasing premium rates.
Officials say a cut of $168 million will take effect next year, bringing the total reduction in premiums since 2018 to 2.4 billion.
This means average premium rate for Ontario businesses will go down by 5.1 percent in 2022.
Monte McNaughton, Minister of Labour, Training and Skills Development shared details today.
"This package will save employers hundreds of millions of dollars that can be reinvested in new jobs, technology, and health and safety protections. At the same time, injured workers will continue to receive the benefits and services they deserve."
As well, the province says it intends to introduce legislation that would allow part of the WSIB's reserve to be distributed to employers with a clean accident record.
The Ontario government is also suggesting enabling the WSIB to work with the Canada Revenue Agency to streamline remittances for businesses, claiming it will provide businesses an efficient way to submit payroll deductions while reducing administrative costs.
As well, the province is capping the growth of premiums to an increase of 3.2 percent.
This is being done as pandemic-related closures in low-wage sectors have resulted in a spike in Ontario's Average Industrial Wage, resulting in an increased ceiling for worker benefits.
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