$1.9 billion in relief for employers to reduce the financial strain on business brought on by COVID-19. The measure, which will run through the Workplace Safety and Insurance Board (WSIB), will see premium payments deferred for six months for all businesses in the province.
All employers covered by the WSIB’s workplace insurance are automatically eligible for the provisions of the relief package and can defer premium reporting and payments until August 31, 2020.
Employers will not be required to opt-in to receive this benefit, it is automatic.
Additionally, the WSIB will cease interest accrual on all outstanding premium payments. They will not charge penalties during this six-month deferral period. There will be no negative consequences for businesses that defer premium reporting and payments. The WSIB will continue to fully cover workers at eligible workplaces.
The deferred premiums will amount to an average of $1,760 for approximately 275,000 Ontario businesses.
For more information please see the official WSIB website