Ontario to reduce WSIB premiums
Move will allow construction companies to have more money to pour into making worksites safer.
The Residential Construction Council of Ontario (RESCON) has announced that Ontario will lower WSIB premiums, thereby allowing contractors to use the saved funds to make their worksites safer.
RESCON expressed its approval of the announcement.
“Today’s announcement will allow employers in the construction industry to increase their investment in health and safety and grow their businesses, allowing construction to continue to lead the economic recovery,” says RESCON vice president Andrew Pariser, who is also chair of the organization’s health and safety committee.
He added that this rate decrease proves that health and safety efforts are working. Pariser said that RESCON believes that risk should be reflected in the rate.
Labour, Training and Skills Development Minister Monte McNaughton announced that the WSIB will cut premium rates in 2022 by $168 million, bringing the total reduction in premiums since 2018 to $2.4 billion.
New legislation is expected to be introduced later this fall to allow a substantial portion of the WSIB reserve (currently valued at about $6.1 billion) to be distributed to safe employers.
“Linking the premium ceiling to inflation protects workers and gives construction employers the flexibility they need to invest in safety, their businesses and the Ontario economy,” Pariser adds.