Are you ready for the Ontario WSIB’s new premium rate model? As of January 1, 2020, the Workplace Safety and Insurance Board’s new way of setting premium rates for almost 300,000 businesses across Ontario will be in full effect. Changes include:
- Streamlining how businesses are classified
- Setting an average premium rate for each class based on its risk profile and share of responsibility
- Businesses will no longer have to wait for rebates or surcharges. The current approach to rate setting, including MAP, NEER, and CAD7 experience rating programs have been eliminated, and the new model will introduce projected rates.
If you have questions about the New Rate Framework, please contact us and speak with one of our WSIB expert Paralegals.