2014 Premium Rates

The WSIB has announced that premium rates will be maintained at current levels for all employers in 2014. Our Board of Directors’ decision to keep rates at current levels was made based on careful actuarial and financial analysis. The decision balances the needs of Ontario’s workers while providing stability for employers as the WSIB reviews its methods for setting premium rates in consultation with stakeholders to come up with the fairest and most effective solutions.

2014 Premium rates table

The WSIB maximum insurable earnings ceiling for 2014 is $84,100. This is an increase of 1.1% from $83,200 in 2013. Changes to the Maximum Insurable Earnings Ceiling are directly linked to changes in average earnings in Ontario as measured by Statistics Canada, and provisions under the Workplace Safety and Insurance Act.

Read the 2014 Premium Rates Manual (PDF).

Rate Group Description 2014 Premium Rate
($)
030 Logging 13.04
033 Mill Products And Forestry Services 8.80
036 Veneers, Plywood And Wood Preservation 5.37
039 Pulp, Newsprint And Specialty Papers 2.93
041 Corrugated Boxes 3.24
110 Gold Mines 8.15
113 Nickel Mines 5.20
119 Other Mines 6.69
134 Aggregates 6.52
159 Livestock Farms 7.09
167 Field Crop, Fruit And Vegetable Farms 2.84
174 Tobacco And Mushroom Farms 5.15
181 Fishing And Miscellaneous Farming 3.67
184 Poultry Farms And Agricultural Services 3.27
190 Landscaping And Related Services 4.93
207 Meat And Fish Products 4.66
210 Poultry Products 3.50
214 Fruit And Vegetable Products 2.68
216 Dairy Products 2.26
220 Other Bakery Products 4.00
222 Confectionery 1.80
223 Biscuits, Snack Foods And Other Food Products 2.79
226 Crushed And Ground Foods 1.69
230 Alcoholic Beverages 1.55
231 Soft Drinks 3.58
238 Other Rubber Products 4.13
258 Foamed And Expanded Plastic Products 2.92
261 Plastic Film And Sheeting 2.46
263 Other Plastic Products 3.23
289 Cloth, Carpets And Textile Products 3.71
301 Clothing, Fibre And Yarn 2.43
308 Millwork And Other Wood Industries 5.57
311 Wooden Cabinets 4.16
312 Wooden Boxes And Pallets 7.14
322 Upholstered Furniture 3.34
323 Metal Furniture 2.33
325 Wooden And Other Non-Metal Furniture 4.30
328 Furniture Parts And Fixtures 4.17
333 Printing, Platemaking And Binding 1.75
335 Publishing 0.56
338 Folding Cartons 2.65
341 Paper Products 3.18
352 Steel And Other Smelting And Refining Industries 2.62
358 Foundries 4.29
361 Non-Ferrous Metal Industries 3.59
374 Doors And Windows 3.56
375 Structural And Architectural Products 4.71
377 Coating Of Metal Products 4.19
379 Hardware, Tools And Cutlery 2.74
382 Metal Dies, Moulds And Patterns 2.22
383 Heating, Refrigeration And Air Conditioning Equipment 2.78
385 Machine Shops 2.61
387 Other Metal Fabricating Industries 3.68
389 Metal Closures And Containers 2.59
390 Other Stamped And Pressed Metal Products 3.59
393 Wire Products 3.37
402 Major Appliances And Transmission Equipment 2.32
403 Other Machinery And Equipment 1.74
406 Elevators And Escalators 2.70
408 Boilers, Pumps And Fans 2.46
411 Agricultural, Construction And Mining Machinery 2.89
417 Aircraft Manufacturing 1.56
419 Motor Vehicle Assembly 3.59
420 Motor Vehicle Engine Manufacturing 1.89
421 Other Motor Vehicle Parts And Equipment 3.59
424 Motor Vehicle Stampings 3.59
425 Motor Vehicle Wheels And Brakes 3.59
428 Motor Vehicle Fabric Accessories 4.58
432 Trucks, Buses And Trailers 4.39
442 Railroad Rolling Stock 2.74
460 Lighting And Small Electrical Appliances 2.65
466 Communication And Energy Wire Products 2.45
468 Electronic Equipment & Other Communication Devices 0.39
477 Industrial Electrical Equipment 1.55
485 Bricks, Ceramics And Abrasives 4.54
496 Concrete Products 5.42
497 Ready-Mix Concrete 3.93
501 Non-Metallic Mineral Products 3.00
502 Glass Products 3.05
507 Petroleum And Coal Products 1.17
512 Resins, Paint, Ink And Adhesives 1.75
514 Pharmaceuticals And Medicines 0.96
517 Soap And Toiletries 1.68
524 Chemical Industries 1.96
529 Jewelry And Instruments 1.02
533 Signs And Displays 3.19
538 Sporting Goods And Toys 4.28
542 Other Manufactured Products 2.13
551 Air Transport Industries 2.09
553 Air Transport Services 1.93
560 Warehousing 3.43
570 General Trucking 6.72
577 Courier Services 3.02
580 Miscellaneous Transport Industries 5.11
584 School Buses 3.04
590 Ambulance Services 6.46
604 Food, Sales 2.54
606 Grocery And Convenience Stores 2.20
607 Specialty Food Stores 3.73
608 Beer Stores 4.17
612 Agricultural Products, Sales 2.48
630 Vehicle Services And Repairs 3.54
633 Petroleum Products, Sales 2.60
636 Other Sales 1.46
638 Pharmacies 0.70
641 Clothing Stores 1.59
657 Automobile And Truck Dealers 0.81
668 Computer, Electronic And Electrical Equipment, Sales 0.50
670 Machinery And Other Vehicles, Sales 1.84
681 Lumber And Builders Supply 3.01
685 Metal Products, Wholesale 3.25
689 Waste Materials Recycling 6.17
704 Electrical And Incidental Construction Services 3.69
707 Mechanical And Sheet Metal Work 4.16
711 Roadbuilding And Excavating 5.29
719 Inside Finishing 7.51
723 Industrial, Commercial & Institutional Construction 4.55
728 Roofing 14.80
732 Heavy Civil Construction 7.03
737 Millwrighting And Welding 6.90
741 Masonry 12.70
748 Form Work And Demolition 18.31
751 Siding And Outside Finishing 10.25
755 Non-Exempt Partners and Executive Officers in Construction  0.21
764 Homebuilding 9.10
810 School Boards 0.81
817 Educational Facilities 0.36
830 Power And Telecommunication Lines 4.45
833 Electric Power Generation 0.78
835 Oil, Power And Water Distribution 1.07
838 Natural Gas Distribution 0.69
845 Local Government Services 2.24
851 Homes For Nursing Care 3.29
852 Homes For Residential Care 3.30
853 Hospitals 1.10
857 Nursing Services 3.31
858 Group Homes 3.14
861 Treatment Clinics And Specialized Services 1.10
875 Professional Offices And Agencies 0.73
905 Apartment And Condominium Services 3.04
908 Other Real Estate Services 1.31
911 Security And Investigation Services 1.74
919 Restaurants And Catering 1.72
921 Hotels, Motels And Camping 3.10
923 Janitorial Services 3.73
929 Supply Of Non-Clerical Labour 5.05
933 Equipment Rental And Repair Services 3.08
937 Recreational Services And Facilities 2.19
944 Personal Services 3.26
956 Legal And Financial Services 0.21
958 Technical And Business Services 0.38
962 Advertising And Entertainment 1.09
975 Linen And Laundry Services 4.12
981 Membership Organizations 0.79
983 Communications Industries 0.37

 Background

The WSIB is well-positioned to offer premium-rate stability. Results for the first quarter of 2013 show the system is progressing well toward meeting financial requirements set under government regulation last year.

Our sufficiency ratio of assets to liabilities has already improved from 54.2% in 2009 to 56.9% by the end of 2012. The WSIB's ongoing Rate Framework stakeholder consultation is looking at changes to the premium rate setting process and experience rating to improve fairness in the way the system is funded. This work will help ensure we can achieve our legislated funding requirements of 60% by 2017, 80% by 2022, and full funding by 2027.

 

Projected premium rate sufficiency ratio

 

Better outcomes

We have seen significant improvements in recovery and return to work outcomes for injured workers since 2009. These improvements have been accomplished while maintaining benefit levels for injured workers.

Premium rate increases, along with growth in insurable earnings, brought an additional $2.4 billion into the system from 2010 and 2013. At the same time, Lost Time Injuries have decreased, and better outcomes for injured workers have reduced benefit costs, saving the system more than $500 million a year.

In 2012, employer premiums fully covered the WSIB’s operating costs, meaning approximately $1.3 billion of investment earnings could be applied against the unfunded liability. Our administration expenses continue to be tightly controlled, with improved efficiency and modernization.

Under legislation, the Maximum Insurable Earnings Ceiling for determining benefits and premiums is set each year based on the July average industrial wage for Ontario from Statistics Canada. The ceiling for 2014 is $84,100. This is an increase of 1.1 per cent from $83,200 in 2013.

Collaboration and planning

We recently released updates on two major consultations to improve our premium rate framework and benefits policies. Both consultations show how we are working with stakeholders to ensure that key elements of the system are fair and sustainable for years to come.

We also plan to release our Sufficiency Plan and Funding Policy, demonstrating robust approaches to meeting financial goals between now and 2027. These will serve as guides in reaching funding targets mandated by the Ontario government.

Our Funding Policy outlines the principles of a fair and transparent approach to funding. The Sufficiency Plan is a road map to achieving our legislated funding targets. It allows us to create and test asset and liability assumptions and risk mitigation strategies in relation to the achievement of the legislated targets.

And we’ll be keeping stakeholders informed about our progress with the latest of our regular quarterly financial and Measuring Results reports, as well as our updated By the Numbers online statistical report.