The Minister of Labour Training and Skills Development, Monte McNaughton, announced this morning that the WSIB will be making a distribution of its surplus funds to safe employers in advance of the upcoming Ontario general election on June 2nd. Here are some of the details:
- The WSIB will distribute up to $1.5 billion from its surplus funds to eligible Schedule 1 employers in April 2022
- The amount of the surplus distribution that an eligible employer will receive is approximately equal to 30 per cent of the premiums the employer paid in 2019 or 2020, whichever is higher
- To be eligible (to be considered a safe employer) to receive a share of the April 2022 surplus distribution, an employer must meet all the following eligibility requirements:
- have an active account as of January 31, 2022
- had premium obligations in either 2019 or 2020
- have not been convicted of a Workplace Safety and Insurance Act or an Occupational Health and Safety Act offence in a proceeding under Part III of the Provincial Offences Act, in 2021 or in 2022 up to and including the date the WSIB issues rebates
- have not been convicted in more than one such proceeding between 2017 and 2022 up to and including the date the WSIB issues rebates
- A surplus funds credit will be applied to eligible employers’ accounts in April 2022. Credits will be displayed on their statement of account.
- Businesses that are up to date with their premium payment and reporting can contact firstname.lastname@example.org to receive their surplus credit by cheque after it has been applied to their account.
- The WSIB will continue to evaluate its financial and investment results to determine if it is in a position to distribute surplus funds above its needed reserve in future years.
- With regard to eligibility requirements to receive a share of a possible distribution of surplus funds in future years, if the WSIB is in a position to provide a distribution of surplus funds, it will be guided by the legislative and regulatory requirements and authority at that time.
The WSIB’s new President & CEO will be attending tomorrow’s Ontario Business Coalition meeting tomorrow and I have a meeting with the new Chair, Grant Walsh on Friday so I may have more details to share in time for our upcoming meetings.
This distribution of surplus WSIB funds will pump $1.5 billion back into the economy and will cost the provincial treasury government of Ontario absolutely nothing.