Wisconsin’s state Commissioner of Insurance has ratified a 3.19% reduction for workers’ compensation rates effective October 1, 2016 for employers. Also, manufacturing as a sector gets more incentive with a 5% reduction.
Governor Scott Walker told reporters the rate decreases signal the “commitment and investment of Wisconsin employers into the health and safety of their employees through effective risk management.”
“Indicators like this only highlight that Wisconsin’s economy is heading in the right direction,” said Ray Allen, secretary of the Wisconsin Department of Workforce Development (DWD), which oversees the state’s Worker’s Compensation system.
The state’s job market posted the second fastest growing rate in the US in May 2016.
Medical costs in workers compensation may have increased, but rates have remained relatively stable. Since 2006, the average annual net premium charge was pegged at 0.14% Allen attributes the steady rate to close labor-management collaboration that resulted in generally safer worker environments across the state.
