WSIB to give Ontario employers $2B in surplus funds

Ford announces WSIB to rebate its $2.5B surplus Premier Doug Ford announced the WSIB will be rebating it's $2.5-billion surplus back to Ontario businesses.

Ontario Premier Doug Ford says eligible businesses will be getting a share of $2 billion that the Workplace Safety and Insurance Board is returning due to a surplus.

This marks the second time the WSIB has given a surplus back to employers, having distributed $1.2 billion in 2022.

Businesses are eligible if they have not been convicted more than once under the Workplace Safety and Insurance Act or the Occupational Health and Safety Act since 2020.

As well, the WSIB is cutting the average premium rate employers pay from $1.30 to $1.25 per $100 of insurable payroll.

A new WSIB Health and Safety Excellence program will also give $1,000 to employers that create a new health and safety action plan through the program.

Ford also announced that the province is removing a $150 fee for apprentices taking their first Certificate of Qualification exam, which he says will make it easier for people to start careers in the trades.

This report by The Canadian Press was first published Nov. 21, 2024.