The Workplace Safety and Insurance Board (WSIB) has confirmed a major relief for Ontario businesses. Starting in 2026, premium rates will be further reduced, giving companies significant cost savings while maintaining worker safety standards.
1. WSIB’s New Premium Rate for 2026
The WSIB announced that the average premium rate for Ontario businesses will be $1.23 per $100 of insurable payroll in 2026. This is a reduction from the $1.25 rate in 2025.
2. Savings for Ontario Businesses
This small but impactful decrease translates into an estimated $60 million in savings for businesses across the province.
3. Historical Rate Reductions
This marks the seventh time in the last decade that the WSIB has lowered premium rates. Since 2017, the average premium rate has been reduced by more than 50%.
4. Surplus Distributions and Total Savings
Beyond rate reductions, WSIB’s surplus distributions have also supported businesses. Combined, these actions have generated approximately $21.5 billion in cumulative savings for employers over the last ten years.
| Year | Average Premium Rate | Notable Change |
|---|---|---|
| 2017 | $2.46 | Benchmark before reductions |
| 2025 | $1.25 | Continued decline |
| 2026 | $1.23 | New lowest in 50+ years |
5. Minister’s Statement on Economic Impact
David Piccini, Ontario’s Minister of Labour, Immigration, Training and Skills Development, emphasized that these savings come at a crucial time.
He stated:
“Ontario is laser-focused on keeping costs down for workers and businesses in the face of tariffs and economic uncertainty.”
6. Benefits for Workers and Employers
The WSIB noted that lower rates allow businesses to reinvest in:
- Health and safety improvements
- Business competitiveness
- Workforce development
7. Accessing 2026 Premium Rate Statements
Employers will be able to view their individual 2026 premium rate statements starting November through the official WSIB website.
8. What This Means for Ontario’s Economy
With premium rates at their lowest level in more than 50 years, Ontario businesses are better positioned to remain competitive, secure jobs, and strengthen the province’s economy.
9. Internal Resources for Businesses
For more insights and related updates, businesses can explore:
10. Final Thoughts
Ontario businesses continue to benefit from WSIB’s proactive approach in lowering costs. This move not only offers financial relief but also supports long-term growth and worker well-being.