According to the WSIB’s most recently published annual report the Boards total expenses were over 3.6 billion including 535 million for rehabilitation 249 million for health care and 97 million for survivors benefits. Included are pre – 1990 claim pensions of 691 million, supplementary benefits of 170 million, Future Economic Loss (FEL) awards of 62 million, and Non Economic Loss ( NEL) awards of 50 million.
Employer Assessments are used to finance the entire compensation system including the cost of benefits and administration. The Workplace Safety & Insurance Act gives the board the authority to levy assessments upon employers in the form of premiums. These “premiums” are based upon employers shared financing or collective liability in the form of rate groups.
How can “you” the employer improve your company’s performance in comparison to others in your rate group as set out by the WSIB? Specifically, what areas can be targeted in order to improve performance thus lowering WSIB paid premiums? Some of these target areas may include:
Our organization will help you apply cost cutting measures to the above rating plans so as to reduce the yearly cost of doing business with the WSIB.
Whether your organization is subject to a WSIB “surcharge” or “rebate” is largely dependant upon its success in reducing the life of a claim or examining those areas where various “cost cutting” measures could be applied. Our specialists are equipped to help you in these areas.
