Ontario to Return $2.5 Billion to Workers and Businesses
The Ontario government has announced plans to return over $2.5 billion to workers and businesses through a series of financial measures. These include rebates and fee reductions facilitated by the Workplace Safety and Insurance Board (WSIB).
Key initiatives include:
- WSIB Rebates: The province will return $2 billion in surplus funds to businesses that meet safety criteria. Rebates will begin in February 2025 for eligible employers, defined as those without more than one conviction under the Workplace Safety and Insurance Act or Occupational Health and Safety Act since 2020.
- Premium Rate Reduction: Starting in 2025, the average premium rate for businesses will decrease from $1.30 to $1.25 per $100 of insurable payroll. This reduction is expected to save businesses approximately $150 million annually.
- Health and Safety Investments: An additional $400 million will be allocated to health and safety programs, focusing on mental health and injury care. This includes expanding mental health care through partnerships with 11 public hospitals.
- Apprenticeship Fee Removal: The $150 fee for the first Certificate of Qualification exam for apprentices will be removed, supporting new entrants into skilled trades.
These measures are part of broader efforts to support economic growth and worker safety in Ontario.