September 19, 2018
The Department of Labor & Industries has proposed that average workers’ compensation rates decrease 5 percent next year. According to L&I, this means that premiums paid would drop by a total of $136 million.
L&I says, “employers and workers focusing on safety, and L&I initiatives that are helping injured workers recover sooner and reducing workers’ compensation costs” contributed to the decision to propose a rate reduction. Also, “small rate increases in recent years and the improved economy have helped build reserves.”
The press release notes, “the rate decrease would be the largest drop since 2007.” True, but it is only the second rate decrease since then. Last year, the average rate dropped by 2.5 percent.
Workers’ compensation benefit costs in Washington have been the highest in the country in recent years.Categories: Categories , Economy , Employment Policy.
Tags: workers' compensation