New WSIB Rates in Place January 1st, 2020: Are You Ready?

The new WSIB rate framework model took effect on January 1st, 2020. It  overhauls how most employer premiums are calculated and businesses are classified.
 

Under the new model, an employer’s premiums will be based on:
1. The average rate for each industry class, based on risk profile and degree of responsibility to maintain the insurance fund, and
2. How an employer’s individual claims history over a six-year period compares to other employers in the same class. 
 

To prepare for implementation of the new model, the WSIB has issued letters to most employers identifying the employer’s new class, 2020 premium rate and projected target premium