October 31, 2012 by Andrew Snook
The Workplace Safety and Insurance Board will increase premiums by 2.5 per cent across the board in 2013 to help the organization manage $14.2 billion in unfunded liability.
According to the WSIB website, the 2013 premium rate increase will assist in the creation of “stable and competitive premium rates for the future and ensure a sustainable workplace safety and insurance system for workers and employers.”
Jason Ottey, chair of the Construction Employers Coalition (CEC), said the CEC understand the need for the increase, but hopes it will be a one-time increase in premiums.
“We appreciate the UFL is a tremendous threat to the long-term sustainability of WSIB and as such puts workers at risk in this province,” said Ottey.
The CEC applauded the work done to date but stated that more efficiencies need to be found.
“We do think that there are other policy levers that are at the board’s disposal that can address the unfunded liability without solely relying on employer premium increases,” said Ottey. “We’re not talking about reducing benefits from workers, we’re looking at the administration of the board, its practices and its interpretation of policies… the good thing with this announcement is that this is just for 2013. I know that the board originally wanted to try and lock in premium increases for more than one year.”
For more information on the WSIB premium increase for 2013, click here.