MEMBER BULLETIN September 21, 2017
WSIB Premium Rates Declining Again in 2018 The WSIB announced that premium rates for the construction industry in 2018 will once again be declining. The maximum insurable earnings ceiling will be increasing by 2% to $90,300 (up from $88,500 in 2017). Select construction premium rates most often used by OSWCA members are noted below: Rate Group # 711 732 755
Description Roadbuilding And Excavating Heavy Civil Construction Non-Exempt Partners and Executive Officers in Construction
2017 Premium Rate (%) 4.5% 6.65% 0.19%
Percentage Change - 7.6% - 7.6% - 5.0%
Rate reductions for 2018 were capped at 7.6%, meaning that the heavy civil construction industry achieved the highest possible rate decline for the coming year. The rates decreases are due to the continued decline in the WSIB’s debt-load, with its unfunded liability now standing at $2.6 billion, down from a high of $14.2 billion at the end of 2011. Since 2005, lost-time injuries in the construction industry have declined by almost 50%, while prior to 2017, premium rates had increased by 14% over the same time period. As a member of the Construction Employers Coalition, OSWCA continues to advocate that construction employers are being overtaxed and should see a reduction in premium rates commensurate with the reduction in lost-time injuries. If you have any questions about the 2018 Premium Rates or the WSIB’s funding strategy, please contact Patrick at 905-629-8819 or
[email protected].
