WSIB to Maintain an Executive Officer Rate Group through Transition
Published on: 23/11/2016
On November 18, the WSIB announced that its Rate Framework Modernization (RFM) consultation exercise had concluded, as the WSIB Board of Directors approved changes to the employer classification, premium rates setting, and experience rating programs (full announcement attached to this bulletin). As part of this announcement, the WSIB confirmed that they will maintain a separate rate for "non-exempt executive officers and partners in construction" (executive officers) in the new rate framework system.
The OSWCA, along with a group of other construction stakeholders, have long been advocating for the maintenance of a separate rate for executive officers. It was our position that the rate needed to reflect the construction executives' risk profile, rather than rolling their rate back into the general construction rates, as had initially been proposed throughout most of the RFM process. After a number of submissions detailing this request, among others (available for review on the OSWCA website), and numerous meetings to discuss this issue, the WSIB agreed to maintain this rate. By way of example, the rate for executive officers in 2017 will be 0.21% (costing a maximum of $186 for the Calendar year), while the Roadbuilding and Excavating rate will be 4.95% (costing a maximum of $4,381 for the Calendar year), demonstrating a substantial cost savings to construction companies.
The new Rate Framework will come into effect in January of 2019 at the earliest, with exact transition dates and details still to be determined.
If you have any questions about the Rate Framework Modernization of the WSIB's Executive Officer Rate, please contact Patrick at 905-629-8819 or email@example.com
Back to the news