WSIB Rate Framework

August 6, 2019 Kelly KillbyHealth and Safety 66 Views

Have you finally figured out your WSIB NEER statement? 

Well, its going away. 

The Workplace Safety and Insurance Board (WSIB) announced its new rate framework for employers. This framework will replace current WSIB policies on classification structure, rate setting, and retroactive experience rating on January 1, 2020. As such, employers should take note that there may be a change to how their business is classified and how premium rates are set as of January 1, 2020.  The rate framework will be very clear, simple and easy to understand.  As an employer, the premium rate you pay for your WSIB coverage will be more reflective of your individual claims experience. Any changes to your rates will be phased over time to allow you to adjust to the new rate.  Employers will need to understand the triggers under the new system and return to work is a big one. 

In preparing for the new system, employers should note that the severity of workplace accidents (as affected by the length of time that injured employees spend away from work) will become increasingly important for setting premium rates.

Find out more about the WSIB Rate Framework by joining our webinar on Wednesday, August 21st at 2:00 pm.