Businesses will pay less to the Workers Safety and Insurance Board in the new year.

The provincial government is reducing rates starting in January.

The average rate will drop from $1.30 to $1.25 for every $100 of insurable payroll.

The province says this is the lowest rate in half a century and will save Ontario businesses about $150 million annually.

It is also returning two billion dollars in surplus funds to eligible employers.

Rebates will be issued in February.

“We’re laser-focused on keeping costs down for workers and businesses in Ontario, putting more money back into people’s pockets and helping create better jobs and bigger paycheques,” states Premier Doug Ford in a release.

“The rebates and support for safe workplaces being announced today will help keep Ontario’s economy competitive as we continue to compete for and attract game-changing investments.”

The province is also removing a $150 fee apprentices pay to take their first certification exam.

A new bonus program is also being created to reward employers that establish new health and safety plans.