Expect WSIB Premium Costs to Increase in 2023

he WSIB is expected to confirm 2023 Premium Rates with no change to the average rate.

For 2021 and 2022, the government legislated artificially low increases on the Maximum Insurable Earnings (MEI). Now that employment levels have recovered from layoffs in COVID-19-impacted industries, there is a sizable gap between the current ceiling and the projected 2023 rate.

The government has decided to allow the MEI to increase 9.6% from the current $100,422 to the 2023 ceiling of $110,030.

As a result, high-wage businesses, such as construction, will have higher premium rates for workers earning at a rate above $100,422. A contractor with no change in their premium rate could experience up to a 9.6% increase.

OGCA will work with the WSIB on this issue and notify you of the 2023 premium rates.