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WSIB transforming and improving financial sustainability

By COS Staff
| www.cos-mag.com

Ontario's Workplace Safety and Insurance Board (WSIB) has confirmed that significant progress has been made to strengthen its financial future, improve its efficiency and raise the bar on customer service.

“We welcome the opportunity to report on our improvements and describe the transformation of the WSIB to a modern, sustainable and accountable workplace insurance system for workers and employers — a system that is important to the economic growth and productivity of our province,” said WSIB Chair Elizabeth Witmer.

The WSIB has turned its finances around largely through enhancements to its Service Delivery Model, Work Reintegration Program and Health Care strategy that are driving improved return-to-work and recovery outcomes for injured workers and employers.

As a result of investing in these areas, today 92 per cent of all injured workers are back to work within one year of their injury with no wage loss, compared to just 85 per cent in 2008. Because more workers are getting safely back to work sooner, annual benefit costs have also come down by over $500M.

The WSIB is firmly committed to delivering the best services to the 4.2 million workers and 255,000 Ontario employers it serves especially to the quarter of a million people who are receiving benefits and support from the WSIB at any given time, it said.

“Our goal is to provide fair benefits and stability to injured workers, while ensuring fairness and predictability to employers, for generations to come,” said Witmer.

The WSIB is one of North America’s largest insurance companies, processing over $2.7 billion a year in worker benefits, $4.3 billion in employer accounts and oversight for an investment portfolio of over $18 billion.

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