Oct. 14: WSIB to Review Unfunded Liability
The WSIB will undertake a year-long review to tackle its unfunded liability, which is currently projected at more than $12 billion. Unfunded liability is the difference between the total cost of claims in the system and funds in the system to pay for them. To help slow the unfunded liability’s growth, the WSIB has increased the average premium rate by 2% for 2011 and another 2% in 2012. So the average premium rate will rise from $2.30 to $2.35 for every $100 of insurable earnings in 2011 and to $2.40 in 2012.