WSIB Rate Framework


We’re changing the way we set
premium rates for the 300,000 Ontario businesses covered by our
workplace injury and illness insurance, because every business
deserves a system that is fair, transparent,
and easy to understand. Introducing the rate framework. So what does this mean for you? Simpler classification We’re simplifying and streamlining
how your business will be classified by adopting the North American Industry Classification
Structure system, or N.A.I.C.S. This is used by Statistics Canada
and the Canada Revenue Agency, and is a North
American standard. It will make it easier to understand
why businesses are classified the way they are,
since the new structure is clear and consistent in how it is applied. Fair and transparent premium rates In this new model, your business’
individual claims experience is taken into account when we calculate your premium rate. This means you are paying a rate based
on your actual workplace injury history. Premium rate stability We are also introducing something
called ‘projected premium rates.’ So in addition to your annual rates,
you will be given the future direction your premium rate is going (up or down). We are also capping any changes
so that they are spread over time. This will help you stay prepared
and allow you to adjust for the future. Easy to understand With a standardized
classification system, rates based on your own experience,
and a look-ahead to your future rates, this new model is fair, transparent, and
easier to understand than ever before. What’s next? In the months ahead,
we will be providing more information about the new model and how to prepare for these changes as
we head towards implementation in 2020. Check out wsibrateframeworkreform.com
for more information, upcoming webinars, and announcements about
these exciting changes.

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