Peak to average power ratio (PAPR) and symbol loss rate (SLR) are two challenges of multicarrier based communications that have recently drawn much attention. High SLR renders the system unreliable and high PAPR is associated with power inefficiency and nonlinearity of the system. There are rich literatures studying these two issues separately but, unfortunately, only a few works have studied simultaneous reductions of PAPR and SLR. This paper studies the problem of reducing the PAPR while keeping the SLR at minimum. In [1], we derived the conditions for the minimum SLR in On-Off channels. The algorithm proposed in this paper simultaneously satisfies the conditions derived in [1] and reduces the PAPR substantially. This paper differs from previous techniques in the sense that none of the previously proposed techniques are capable of reducing PAPR substantially while achieving the minimum symbol loss rate. We compare our algorithm with the optimum selected mapping PAPR reduction method,...