Will new WSIB rate framework be “fair, transparent and easy to understand”?
By Electrical BusinessFeatures Business Intelligence annex
Sept. 13, 2017 - Ontario’s Workplace Safety & Insurance Board says that—after conducting a multi-year engagement with experts and stakeholders—it is changing the way the board calculates employer premium rates, adding the process will be easier for employers to understand, and more accurately reflect the risks associated with operating their businesses.
According to WSIB’s website, “We are changing the way we set premium rates for the 300,000 Ontario businesses covered by our workplace injury and illness insurance because every business deserves a system that is fair, transparent and easy to understand”.
The new premium rate-setting model is called the rate framework, and will change the way Schedule 1 employers are classified, and the way their premium rates are set and adjusted. | READ MORE
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