Move good for employers and workers; will spur growth and investment in Ontario
TORONTO – Ontario’s Workplace Safety and Insurance Board (WSIB) is ending its unfunded liability charge, leading to a $607 million reduction in costs to business, Minister of Labour Monte McNaughton announced today.
“This is good news for employers and employees across the province,” said McNaughton. “This money will lead to investments in new jobs, technology and health and safety programs.”
With the reduction announced today, the Doug Ford Conservative government has reduced WSIB costs to business by more than $2 billion since taking office. These costs are falling while benefits to injured workers are maintained and workplace safety continues to improve.
“This is another part of our government’s plan for providing more economic opportunity for the people of Ontario,” said McNaughton. “By eliminating the unfunded liability, the WSIB has ensured over 222,000 businesses across the province will see premiums reduced.”
The WSIB will officially eliminate its unfunded liability charge beginning in January 2020.
Minister McNaughton made the announcement at a job site operated by Eastern Construction, an Ontario-based company that has pledged to give WSIB premium reductions back to employees. Eastern’s 130 employees each received a cheque worth on average $600 from their employer last year.
“A good safety record saves lives and money,” said Bryan Arnold, President and CEO of the construction firm. “So we want to do everything we can to encourage our employees to keep our sites safe. This was a common-sense move for us.”
McNaughton applauded Eastern Construction’s decision.
“Worker safety is my top priority,” he said. “So I’m proud to stand today with Eastern Construction to celebrate their innovative commitment to safety culture.”