WSIB holds employer premiums steady for ‘24
The Workplace Safety and Insurance Board (WSIB) is holding its average premium rate for Ontario businesses steady for 2024 at $1.30 for every $100 of insurance payroll.
The board announced the news on October 31. The move, it says, is designed to help businesses continue to recover from the pandemic, and to adjust to higher interest rates.
The move comes after the board announced earlier in the month that it would extend incentives for small businesses enrolled in its Health and Safety Excellence program.
Smaller businesses can benefit from double rebates for every topic completed plus and additional $1,000 towards implementing a health and safety program through the end of 2024.
“We are determined to make it easier and faster for people to get the help they need if they suffer workplace injury or illness, and to deliver value for Ontario businesses,” said WSIB President and CEO Jeffery Lang. “We are able to hold the average premium rate this year while continuing to improve results for people.”
Since 2018, the WSIB has reduced premiums by $8.5 billion.
Across class G, which includes the sub-groups directly affecting construction companies, three groups saw rates go down, two saw no changes, and one saw premiums increase.
- G1 – Residential Building Construction – $2.47 (2023) to $2.40 (2024)
- G2 – Infrastructure Construction – $1.81 (2023) to $1.80 (2024)
- G3 – Foundation, Structure and Building Exterior Construction – $3.60 (2023) to $3.51 (2024)
- G4 – Building Equipment Construction – $1.50 (2023) to $1.52 (2024)
- G5 – Specialty Trades Construction – $2.16 (unchanged)
- G6 – Non-residential building Construction – $1.55 (unchanged)
Non-exempt partners and executive officers in construction classified under rate group 755 in WSIB’s previous rate-setting model continue to receive a separate premium rate. The 2024 rate for this group is $0.15.
Meanwhile, the maximum insurable earnings ceiling for 2024 is $112,500, compared to $110,000 in 2023. Changes to the ceiling are directly linked to changes in average earnings in Ontario as measured by Statistics Canada.
Employers can access their individual 2024 premium rate statements on the WSIB’s website.
The WSIB is one of the largest public insurance organizations in North America, covering over five million people in more than 300,000 workplaces across Ontario.