WSIB premium freeze
for restaurant operators
October 18, 2010
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Workplace Safety and Insurance Board (WSIB) premiums will be frozen for Ontario restaurant operators in 2011, while other sectors will see increases as high as 18 per cent. In early October, WSIB announced premium changes in response to concerns about the system’s future viability.
The WSIB unfunded liability – the difference between the costs of WSIB claims and the funds available to pay them – has exceeded $12 billion, a huge future financial obligation for employers who solely fund the program. A new WSIB CEO was appointed earlier this year to address the issue, and CRFA sits on one of several advisory committees that will make recommendations.
The WSIB accepted CRFA’s recommendation for a large-scale review of the funding model, and a funding review chair and advisory committee were announced in early October. CRFA will push the committee to look at all available options to achieve financial stability, including the statutory benefit structure.
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