WSIB Rate Framework Modernization - Coming Soon
Published on: 04/02/2019
Beginning in January 2020, the WSIB rate setting system will be undergoing a significant transition, as the Rate Framework Modernization (RFM) will officially be put in place next year. The RFM changes include the removal of the experience rating system and no longer allowing for employers to obtain an annual refund, as this will now be built into your future year's rates.
With these changes, it is becoming very important to address any outstanding issues, objections, and appeals to the WSIB as soon as possible, before the WSIB stops making retroactive rate adjustments. Accident prevention and claims management has always been important in the WSIB system but may become even more critical under the new RFM, as even "no-lost-time" claims will impact your premium rate because rates are calculated based on your insurable earnings, total number of claims, and overall claims cost.
For more information on the RFM, please click the link below to see the attached slide deck for reference.
If you have any questions or concerns with this Act, please contact Patrick McManus (905-629-7766 ext. 222 or firstname.lastname@example.org.
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