2024 Budget Highlights

Ontario’s Honourable Peter Bethlenfalvy, Minister of Finance, tabled the 2024 provincial Budget on March 26, 2024. National Payroll Institute representatives were invited to attend the virtual technical briefing session. 

Below are the initiatives that impact payroll: 

Keeping the costs down for businesses 

The government plans to enhance the cost savings for employers by advocating for reductions in Workplace Safety and Insurance Board (WSIB) premium rates while ensuring that employee benefits remain unaffected. This approach aims to lower payroll costs, providing financial relief to employers without compromising worker protections. 

Working for workers 

The government is introducing the rollout of 100 pre-apprenticeship initiatives across the province aimed at offering young individuals a tangible introduction to various trades. This program will include paid work placements, allowing participants to gain valuable on-the-job experience directly within local employment markets. 

Helping Workers Plan for Retirement by introducing a Target benefit Framework 

Target benefit pension plans offer a monthly retirement income at predictable employer costs. Predominantly established by unions in skilled trades sectors, these multi-employer plans enhance job mobility by allowing continuous plan participation across employers, thus attracting more individuals to skilled trades. 

Over the past year, the government has collaborated with the industry to develop a lasting target benefit framework, focusing on optimal practices for funding, governance, and member communication. 

The government plans to activate the permanent target benefit framework on January 1, 2025. 

See these and all other Budget details in the Budget documents here.

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