Ontario Plans $2.5 Billion Return to Workers and Businesses
The Ontario government has announced plans to return over $2.5 billion to workers and businesses through various financial measures. This includes rebates from the Workplace Safety and Insurance Board (WSIB) surpluses and reductions in business premium rates.
Key measures include:
- WSIB Rebates: The government will return $2 billion in surplus funds to eligible Ontario businesses through the WSIB. These rebates are set to begin in February 2025 for employers who meet safety criteria, such as not having multiple convictions under relevant safety acts since 2020.
- Premium Rate Reduction: The average premium rate for businesses will be reduced from $1.30 to $1.25 per $100 of insurable payroll starting in 2025. This reduction is expected to save businesses approximately $150 million annually.
- Health and Safety Investments: An additional $400 million will be allocated to health and safety programs, focusing on mental health and injury care. This includes partnerships with public hospitals to expand mental health care services.
- Apprenticeship Fee Removal: The $150 fee for apprentices taking their first Certificate of Qualification exam will be removed, aiming to encourage more individuals to enter skilled trades.
These initiatives are part of the government's broader strategy to support economic recovery and workforce development in Ontario.