In Pennsylvania, the workers' compensation rate is scheduled to drop by 4 percent as of April 1, says Mike Consedine, insurance commissioner for the Pennsylvania Department of Insurance.
"We are very pleased with the rate reduction, which is the second workers' compensation decrease in a row," Consedine says. "The lower rate will benefit Pennsylvania employers with ongoing cost savings."
With this rate cut, up to $100 is projected to be saved in premiums for Pennsylvania employers, which is estimated based on employer risk classifications and could vary by claims experience, payroll and other factors, according to the Pennsylvania Department of Insurance. This will not impact all employers.
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"Pennsylvania employers are able to benefit from the outstanding job they are doing to provide safer workplaces," says Julia Hearthway, labor and industry secretary of the Pennsylvania Department of Labor. "Establishing a state-certified workplace safety committee encourages a safe workplace and a productive work force. 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 workers' comp, the Pennsylvania Compensation Rating Bureau advisory rates regulate the premiums employers must pay while submitted calculations must be confirmed and approved by the Pennsylvania Department of Insurance's actuaries.
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