The WSIB’s 2018 premium rates are now available on its website. There will be a 3.3% reduction on the average premium rate in 2018 for Schedule 1 employers, making it $2.35 for every $100 of insurable earnings – down from $2.43 in 2017.
The WSIB says the 2018 premium rates and the 2017 Economic Statement were updated on September 21, 2017 to help ensure rate group stability by capping increases at 5%, and capping decreases at 7.6%. Of the 155 rate groups, 50% will see a rate increase of up to 5%, 49% will see a rate reduction by as much as 7.6%, and one rate group will see no change from its 2017 rate; 27 rate groups were apparently affected by the cap on increases.
The WSIB says all 2018 premium rate increases are the result of expected costs associated with the work-related chronic mental stress (CMS) legislation that will come into effect on January 1, 2018. The WSIB has prepared a “Q&A on CMS and 2018 Premium Rates” to try to explain how it determined which rate groups would be covering these costs, and by how much.
There will be a 2.03% increase ($1,800) applied to the current maximum insurable earnings ceiling of $88,500 in 2017, making it $90,300 for 2018.