The Workplace Safety and Insurance Board (WSIB) plays a critical role in providing financial support to injured workers in Ontario while safeguarding employers. The 2024-2025 WSIB payment schedule includes significant updates to premium rates, reporting deadlines, and lump-sum benefits. Here’s a detailed guide to help workers and employers stay informed.
Table of Contents
WSIB Payment Dates and Reporting Schedule for 2024-2025
Key Reporting and Payment Deadlines
- Annual Reporting Period: January 1 to December 31
- Premium Reporting and Payment Due: April 30, 2024
- Quarterly Reporting Deadlines:
- First Quarter: April 30
- Second Quarter: July 31
Redistribution of Surplus Funds
- Eligible Schedule 1 employers will receive a surplus rebate of $2 billion, distributed in February 2025.
Payment Requirements Based on Insurable Earnings
- $1,000,000 or More: Monthly reporting and payment required.
- $20,000 to $999,999.99: Quarterly reporting and payment required.
- Less than $20,000: Annual reporting and payment required.
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Updated WSIB Premium Rates for 2024
The WSIB has announced its lowest average premium rate in over 20 years, holding steady at $1.30 per $100 of insurable payroll for Ontario businesses.
Premium Rate by Industry Class
| Class | Description | 2024 Rate ($) |
|---|---|---|
| A | Agriculture | 2.08 |
| B | Mining, Quarrying, Oil, and 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 |
| G1 | Residential Building Construction | 2.40 |
| N2 | Nursing and Residential Care Facilities | 2.13 |
For a full list of rates, refer to WSIB’s comprehensive rate table.
Lump-Sum Awards for 2024
- Surviving Spouse Lump Sum Payment:
- Base amount: $98,443.63
- Adjustments:
- Add $2,461.08 for each year over age 40.
- Deduct $2,461.08 for each year under age 40.
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Maximum Insurable Earnings for 2024
The maximum insurable earnings threshold has increased to $112,500, up from $110,000 in 2023. This adjustment aligns with wage trends, particularly in the construction industry.
Policy Updates and New Legislation
Bill 149, Working for Workers Act, 2024
- Royal Assent in March 2024:
- This bill redefines “suitable work” for injured workers, impacting claim eligibility.
Operational Policy Update #15-01-02
- Effective September 29, 2023, this policy outlines updated reporting timelines and risk band movements.
Risk Band Adjustments
- Businesses can shift up or down a maximum of three risk bands each year.
- Non-profit organizations are exempt from the risk-band movement approach.
Payment Methods for WSIB Premiums
To pay premiums:
- By Cheque:
- Make payable to “WSIB”.
- Include your seven-digit account number in the memo section.
- Online Options: Refer to WSIB’s website for additional payment methods.
The 2024-2025 WSIB payment schedule reflects Ontario’s commitment to balancing worker support with employer affordability. Businesses should adhere to reporting deadlines, understand premium rates, and review policy updates to avoid penalties.
For detailed policies, class descriptions, and further updates, visit the WSIB official website.
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