A rebate of $1.5 billion will go back to safe employers in Ontario.
The provincial government announced Wednesday that Workplace Safety and Insurance Board (WSIB) surplus funds will be returned to 300,000 businesses.
"This means on average, safe employers can expect a rebate that is 30 per cent of their annual premiums this April," said Labour Minister and Lambton-Kent Middlesex MPP Monte McNaughton. "For a business with 100 workers, that could be about $28,000 to reinvest in new jobs, technology, and most importantly, bigger paycheques for workers."
While speaking in Barrie, McNaughton highlighted that 95 per cent of safe employers benefitting from the rebate are businesses that have less than 50 full-time employees.
"This means that we're giving over a billion dollars back to our small shops on Main Street," he said. "It's also important to highlight that this tax cut for employers will not impact any of the benefits or services provided by the WSIB that workers and their families rely on."
The rebate comes as the WSIB is in its "strongest financial position."
"It wasn't that long ago that the WSIB was on the brink of bankruptcy," noted McNaughton.
As of September 30, 2021, the independent agency had $6.4 billion in reserve.
“Ontario businesses are paying the lowest average premium rate in more than 20 years,” said WSIB Chair Grant Walsh in a statement. “With solid financial management we can give this rebate to businesses at a time when they need it most while protecting coverage for people injured at work.”
The WSIB provides loss of earnings and other benefits to workers injured or made ill while on the job.
Criteria for the rebate can be found on the WSIB's website.
McNaughton hinted he will announce "a number of new initiatives" over the coming weeks to support Ontarians.