Insurance Commissioner Mike Consedine recently announced a workers’ compensation rate reduction of 4.01 percent for Pennsylvania employers effective April 1, 2013.
“We are very pleased with the rate reduction, which is the second workers’ compensation decrease in a row,” Commissioner Consedine said. “The lower rate will benefit Pennsylvania employers with ongoing cost savings.”
For a Limited Time receive a
FREE Compensation Market Analysis Report! Find out how much you should be paying to attract and retain the best applicants and employees, with
customized information for your industry, location, and job.
Get Your Report Now!The state Insurance Department estimates that the rate cut could reduce employers’ premiums by approximately $110 million. An employer’s individual savings will vary based on risk classifications, claims experience, payroll, and other factors. And not all employers will see a decrease, the commissioner said.
Labor & Industry Secretary Julia Hearthway attributed some of the savings to employer safety programs. “Pennsylvania employers are able to benefit from the outstanding job they are doing to provide safer workplaces,” Hearthway said. “Establishing a state-certified workplace safety committee encourages a safe workplace and a productive workforce.” Hearthway noted that more than 10,000 state-certified workplace safety committees have been established, protecting more than 1.3 million workers and saving employers close to $500 million in workers’ compensation premiums.
For more information about workplace safety committees, including requirements for setting up a committee in your business, visit http://tinyurl.com/safeinPA.