WSIB stands for The Workplace Safety and Insurance Board of Ontario, Canada. It provides compensation to eligible residents who have been injured on the job or developed a work-related disease. Each workplace has insurance to assist workers if they get hurt while working. Your workplace insurance gives you access to benefits if you get hurt while doing your job.
WSIB Payment Schedule 2024
The WSIB payment schedule for 2024 includes: Schedule 2, Experience rating programs, and Surplus rebate. The WSIB premium reporting and payment due date for the annual reporting period is April 30. The reporting period is January 1 to December 31. The WSIB can pay you 85% of your net earnings loss from the day after your injury until you are no longer impaired.
Maximum insurable earnings: The Maximum insurable earnings for 2024 is $112,500, an increase from $110.000 in 2023. This increase aligns with average trends in the construction industry.
Limp sum awards
For 2024 the one-time lump sum payment for surviving spouses is $98,443.63. This amount can be adjusted by plus or minus $2.461.08 for each year the spouse is under or over 40, respectively.
Premium ratessum award
Employer premium rates are established by the requirements set out in the Workplace Safety and Insurance Ct, 1997.
WSIB Payment Schedule 2024-2025 Payment dates
Here are some key dates for WSIB Payments in 2024
- Premium reporting and payment due for the first quarter: April 30
- Premium reporting and payment due for the second quarter: July 31
- WSIB to redistribute 2 billion to eligible Schedule 1 employers: February 2025
The Workplace Safety and Insurance Board payment schedule for businesses is based on insurable earning
- Insurable earnings of $1,000,000 or more: monthly reporting and payment
- Insurable earnings of $20,000 to $999,999.99; Quarterly reporting and payment
- Insurable earnings of less than $20,000: Annual reporting and payment
The average premium rate for Ontario businesses in 2024 remains steady at $1.30 per $100 of insurable payroll, the lowest it has been in over 20 years.
Policy
The WSIB reviews and sets the following rates after reviewing the market and related information.
Guidelines
For more information on the rates please refer to the policy documents as referenced in the table below:-
WSIB 2024 Table of rates
| Class | Class description | 2024 Class rates($) |
| A | Agriculture | 2.08 |
| B | Mining Quarrying and Oil Gas Extraction | 2.08 |
| C | Utilities | 0.75 |
| D1 | Educational Services | 0.41 |
| D2 | Public Administration | 3.60 |
| D3 | Hospitals | 1.07 |
| E1 | Food, Textiles and Related Manufacturing | 1.34 |
| E2 | Non Metallic and Mineral Manufacturing | 2.14 |
| E3 | Printing, Petroleum and Chemical Manufacturing | 1.12 |
| E4 | Metal, Transportation Equipment and Furniture Manufacturing | 1.84 |
| E5 | Machinery, Electrical Equipment and Miscellaneous Manufacturing | 1.20 |
| E6 | Computer and Electronic Manufacturing | 0.29 |
| F1 | Rail, Water, Truck Transportation and Postal Service | 3.66 |
| F2 | Air, Transit, Ground passenger, Recreational and Pipeline Transportation, Courier Services and Warehousing | 1.49 |
| G1 | Residential Building Construction | 2.40 |
| G2 | Infrastucture Construction | 1.80 |
| G3 | Foundation, Structure and Building Exterior Construction | 3.51 |
| G4 | Building Equipment Construction | 1.52 |
| G5 | Specialty Trades Construction | 2.16 |
| G6 | Non-residential building Construction | 1.55 |
| H1 | Petroleum, Food, Motor Vehicle and Miscellaneous Wholesale | 1.56 |
| H2 | Personal and Household goods, building materials and Machinery Wholesale | 0.81 |
| I1 | Motor Vehicles, Building Materials and food and Beverage Retail | 1.27 |
| I2 | Electronics, Appliances and Health and Personal Care Retail | 0.93 |
| I3 | Electronics, Appliances and Health and Personal Care Retail | 0.39 |
| I4 | Specialized Retail and Department Stores | 0.99 |
| J | Information and Culture | 0.38 |
| K | Finance, Management and Leasing | 0.87 |
| L | Professional, scientific and Technical | 0.20 |
| M | Administration, Services to Buildings, Dwellings and Open Spaces | 1.35 |
| N1 | Ambulatory Health Care | 1.58 |
| N2 | Nursing and Residential Care Facilities | 2.13 |
| N3 | Social Assistance | 1.47 |
| O | Leisure and Hospitality | 1.00 |
| P | Other Services | 1.31 |
WSIB 2024 premium rates
The average premium rate for Ontario businesses in 2024 remains at $1.30 per $100 og insurable payroll, the lowest it has been in more than 20 years.
In rare cases, risk band movement may result in a rate change lower or higher than the approximate percentage indicated. The risk-band movement approach does not apply to non-profit organizations. We`ve now successfully transitioned to our new rate-setting model starting in 2020 and all rate-setting policies under our new model will be fully in effect in 2024.
WSIB Payment Schedule 2024-2025 Updates
WSIB Payment Schedule 2024-2025 Update are here
- Premium reporting and payment:- The premium reporting and payment due date for the annual reporting period of January 1 to December 31 is April 30.
- WSIB premium rate:- The Ontario government has announced the 2024 WSIB premium rate.
- Bill 149, working Four Act, 2024:- This bill received royal assent in March and will change the definition of suitable work for injured workers claims.
- Eligible employers will receive a one-time rebate of WSIB surplus funds starting in February 2025.
- This WSIB`s Operational policy #15-01-02, which updates the policy regarding 7 reporting timelines, came into effect on September 29, 2023.
- The WSIB pays benefits to injured workers from the money that is collected from employers. Ontario workers are covered by workers’ compensation. even if their employer did not register or pay.
- Businesses can move up or down a maximum of three risk bands each year from their prior-year risk band.
- The 2024 provisional administration rate for federal organizations is 11.3% of expected benefit payments.
- You can pay your premium to the WSIB by sending a cheque payable to the WSIB. and write your seven-digit account number in the memo section on the front of the cheque.
Conclusion:
We discussed WSIB Payment Schedule 2024-2025 Payment Dates, Amount PDF Files and Updates. Each class will have set risk bands and each risk band represents a rate of the class rate. The Wsib premium rates for employers are established in accordance with the requirements of the WSIB Act 1997.
