Strong management protects support for people with injuries, maintains a responsible reserve, and rebates surplus to safe Ontario businesses
The Workplace Safety and Insurance Board (WSIB) announced today a rebate of surplus funds totaling up to $1.5 billion to eligible safe Ontario businesses. The WSIB’s strong financial and operational management, along with its positive investment returns have led to a surplus in its insurance fund beyond the needed reserve. Recent legislative amendments by the Government of Ontario have made it possible to rebate surplus funds at a time when businesses are coping with the impacts of the COVID-19 pandemic.
“Ontario businesses are paying the lowest average premium rate in more than 20 years,” said Grant Walsh, Chair of the WSIB. “With solid financial management we can give this rebate to businesses at a time when they need it most while protecting coverage for people injured at work.”
A rebate credit will be applied to eligible businesses’ accounts in April 2022. To recognize the impact of the pandemic on certain businesses, the rebate calculation will be based on each business’ premiums paid in 2019 or 2020, whichever is higher.
“Our job is to always be here to help people who need us,” said Jeffery Lang, President and CEO of the WSIB. “The best way to do that is to remain fully funded and focus on improving our services. The rebate is surplus money that could sit in our bank account, but it’s better used by Ontario businesses to invest in health and safety to make Ontario a safer place to work.”
Businesses must meet all the eligibility requirements to receive a rebate of surplus funds in 2022. Details on eligibility requirements along with additional information is available at www.wsib.ca/rebate.