Board of Director Resolutions: August 13, 2020

  • Approved the re-appointment of Helga Reidel as Trustee of the WSIB Employees’ Pension Plan for a subsequent three year term.
  • Approved the Chief Actuary’s Recommendation that:
    • In 2021, all employer premium rates will be held at 2020 levels, which is expected to result in an average rate for all Schedule 1 employers of $1.37 per $100 of Insurable Earnings.
  • Approved:

1. With respect to the financial repayment plan:

a. a standard repayment term of six months for all businesses, from January 1, 2021 to June 30, 2021 with discretion to extend the term in limited and specific circumstances;

b. forgiving interest on outstanding balances resulting from both current and deferred amounts until the end of the standard repayment term – June 30, 2021; and

c. the deferral of surcharges applied in 2020 until January 1, 2021 and subject to the standard repayment term ending June 30, 2021 where a business has experienced financial hardship;

2. Allow businesses eligible for the Canada Emergency Wage Subsidy to exclude wages paid to employees on paid leave and that the exclusion be retroactive to March 15, 2020.