The Workplace Safety and Insurance Board (WSIB) of Ontario has announced that it will be issuing a rebate of surplus funds totalling up to $1.5 billion to local businesses.
According to the WSIB, its “strong financial and operational management, along with its positive investment returns” have led to a surplus in its insurance fund. It also said that recent amendments by the provincial government have made it possible to rebate the surplus amid the pandemic.
The rebate credit will be applied to eligible businesses accounts in April 2022, a release said. Rebate totals will be based on each business’ premiums paid in 2019 or 2020, whichever is higher.
"Ontario businesses are paying the lowest average premium rate in more than 20 years," said WSIB chair Grant Walsh. "With solid financial management we can give this rebate to businesses at a time when they need it most while protecting coverage for people injured at work."
"Our job is to always be here to help people who need us," added WSIB president and CEO Jeffery Lang. "The best way to do that is to remain fully funded and focus on improving our services. The rebate is surplus money that could sit in our bank account, but it's better used by Ontario businesses to invest in health and safety to make Ontario a safer place to work."
