WSIB Pricing Fairness Report Proposes a New Approach to Allocating Costs

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The WSIB needs your money and the mechanism for allocating costs and your bill may be completely reinvented over the next few years. Doug Stanley has issued his report and it recommends that WSIB scrap virtually all of its revenue programs and implement a new system of rate setting, experience rating and employer classification. Stanley proposes that the WSIB needs a new set of tools to assure financial growth to achieve full funding which has been mandated by law.

The differences are dramatic. The current employer classification scheme is composed of 156 rate groups. Under the proposal, they will be reduced to 20 to 25. The CAD-7 Experience Rating System will be replaced by risk bands inside the rate. Employers in riskier operations will pay more, others will pay less. It appears that performance is no longer a factor in experience rating – a stunning and controversial proposal.

Read full article here.

Construction & Design Alliance of Ontario – February 11, 2014.

 

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