According to a press release from the Pennsylvania Department of Insurance, a 5.7 percent decrease in overall workers’ compensation costs has been approved that could result in $160 million in savings for Pennsylvania employers.
“Pennsylvania employers are able to benefit from the outstanding job they are doing to provide safer workplaces,” said Labor & Industry Secretary Julia Hearthway. She added, “There are 9,652 businesses enrolled in our Certified Workplace Safety Committee program, so they will receive an additional five-percent discount. More than 1.3 million people work at businesses with a certified safety committee.”
Although some will see rates go up and some will see no change, employers can expect a 5.7 percent rate decrease on average in 2012.
According to Insurance Commissioner Mike Consedine, “Our workers’ compensation insurance system is sharply competitive, yet this marks the first time in three years that the Pennsylvania Compensation Rating Bureau has filed for a rate decrease.”