12 Dec
By eliminating the unfunded liability, the WSIB will be able to cut the average premium rate for employers by almost 30 per cent, starting January 1, 2019. This will help employers save money, increase investment and create more jobs, resulting in a $1.45 billion injection into the Ontario economy.
The unfunded liability — the shortfall between future obligations to pay injured workers and the money available to pay them — stood at $14.2 billion in 2011. Eliminating it helps ensure a sustainable and accountable workplace safety and insurance system that supports injured workers, and increased economic growth and productivity in Ontario.
