The Canadian Federation of Independent Business (CFIB) has come out strongly against a hike in payroll premiums.
The Workplace Safety and Insurance Board (WSIB) has announced it will increase its premiums by an average of 4.3% by 2012.
The Board is trying to reduce its massive shortfall in revenues which have averaged approximately $1 billion over the last five years.
The CFIB blasted the decision, calling it an “irresponsible tax grab”.
The hike does nothing to support the economic recovery, said Satinder Chera, CFIB’s Ontario vice-president.
“[The] decision is just one more example of why Ontario employers have lost confidence in the WSIB,” he said.
The increase in WSIB premiums varies across different industries. Some sectors will see no change, but logging companies and vehicle assemblers will see sharp rises of 9.1% and 13.5% respectively.
The WSIB has struck an outside panel—John Tory, Buzz Hargrove, John O’Grady and Maureen Farrow—to help plot a course to tackle the bloated annual deficits.
In the meantime, the CFIB wants Premier Dalton McGuinty to intervene and stop the hike.
