Workers’ comp premiums decline for plastics, moldmakers
Canadian PlasticsCanadian Plastics
Good news for Ontario moldmakers and plastics processors: premium rates for the Workplace Safety & Insurance Board...
Good news for Ontario moldmakers and plastics processors: premium rates for the Workplace Safety & Insurance Board are 7% to 10% lower this year for most categories.
Averaged across all industries, the WSIB premium rate increased to $2.19 for every $100 of insurable earnings from $2.13, a rise of 3% compared with 2002 rates. The WSIB attributes this rise to poor investment market conditions and rising health care costs.
In the plastics industry however, the news is better. For rate group "Foamed and Expanded Plastic Products" the 2003 rate is $2.18, down 7.6%. In rate group "Plastic Film and Sheeting" the new rate is $1.77, down 8.8%. In contrast, the rate group "Other Plastics Products" is facing premiums of $3.41, an increase of 8.9%.
For moldmakers, rate group "Metal Dies, Moulds and Patterns", the premium is $1.64, down 9.4% from 2002 rates.
The WSIB notes that premium rate changes are linked to injury frequencies and costs for each rate group. Overall improvements in these two factors generally translate into a decrease in the rate group premium rate.