WSIB has announced the average premium rate for 2018 is to be reduced by 3.3% overall.
Rate Group 919: Restaurants And Catering will see a 3.8% reduction in rates to 1.52, however Rate Group 921: Hotels, Motels And Camping will see a rate increase that was announced initially significantly higher than the 4.8% increase which has now been confirmed for 2018.
“The WSIB is funded solely by premium revenue. So, when setting premium rates for 2018, we had to incorporate costs for legislation related to chronic mental stress (CMS). We did so by considering the number of traumatic mental stress and PTSD claims across each industry class over the past 10 years”.- WSIB
“In order to ensure stability at the rate group level, we have decided to:
• only require increases that relate to CMS legislation
• cap increases at 5 per cent
• allow decreases up to 7.6 per cent”- WSIB.
GTHA immediately after the announcement at the WSIB Annual General Meeting raised the issue of the significant increase in cost to Rate Group 921. Subsequent to that, WSIB reviewed and instituted a cap increase at 5%.
GTHA is continuing to work with WSIB to review how the costs for chronic mental stress were determined for both rate groups 919 and 921. We will be providing more information on this as well as other issues that affect your premium rates as soon as the information becomes available.