L & I Proposing 4.8 Percent Jump in Cost of Workers Comp Insurance
Saying previous increases were held back due to COVID, now the Washington State Department of Labor and Industries is proposing a 4.8 percent jump in the monthly cost paid by businesses and workers.
If adopted, costs would go up in 2023
It's not final, yet. Hearings will be held later in October to consider the proposal. The Washington State Department of Labor and Industries on Tuesday released a proposal that would increase what businesses and workers pay each month to cover worker's comp insurance.
The 4.8 percent increase, says L&I, would amount to $61 a year for the average worker in a business.
According to a statement released by L & I Director Joel Sacks:
“After keeping rates steady to help businesses that were struggling during the pandemic, we're now proposing a modest rate increase that’s in line with our goal of stable and predictable rates for businesses to ensure the long-term health of the workers’ compensation fund."
According to more of the release:
"Under the current proposal, L&I will use contingency reserves to cover any gap between premiums and costs to keep rates steady and avoid a larger increase."
Public hearings on this proposal will be held at 10 AM on October 26th and 27th. via zoom. To be a part of these hearings, click here.
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