The Department of Labor and Industries has announced that it will increase average workers’ compensation rates by 2.7 percent for 2014 (after two years of no increases). Per the news release,

Noting that the 2011 reforms are projected to save approximately $150 million in the fiscal year that ends next July, [Director Joel] Sacks said the agency will do even more to reduce costs. “We are looking at every step in the claims process for ways to lower costs while getting better results for injured workers. We’ve committed to reducing costs by $35 to $70 million by June 2014 through initiatives that improve efficiency and address the needs of our customers,” he added.

That’s great news, as Washington’s workers’ compensation system is costly compared to other states. Washington has the highest workers’ compensation benefits paid in the nation, which, as I outlined here, is the best indicator of system costs.