WSIB Premium Rates Unchanged for 2016
Published on: 03/09/2015
On August 27, the WSIB announced that premium rates for the construction industry in 2016 will not change; however the maximum insurable earnings ceiling will be increasing by 3.3%, to $88,000. Select construction premium rates are in the attachment below, with the most commonly employed rates for the sewer and watermain industry highlighted in yellow.
The WSIB continues to carry a significant debt-load through its unfunded liability (UFL), which was reported at $8.9 billion at the end of 2014. As a result of this substantial debt, it remains a WSIB policy to not allow a decline in premium rates for any employer Rate Group, no matter the decline in lost-time injuries.
Since 2005, lost-time injuries in the construction industry have declined by 42% while premium rates have increased by 14% over that same time period. As a member of the Construction Employers Coalition, OSWCA continues to advocate that construction employers are being overtaxed and should see a reduction in premium rates commensurate with the reduction in lost-time injuries.
If you have any questions about the 2016 Premium Rates or the WSIB's funding strategy, please contact Patrick at 905-629-8819 or firstname.lastname@example.org.
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