Pa. Gov. Edward G. Rendell announced a 10.22 percent average decrease in workers compensation insurance costs, a move that he said will result in $250 million in savings for employers in the state.
The move follows December filings by the Pennsylvania Compensation Rating Bureau, which set the average cost decrease at 10.22 percent overall.
This would mark the fourth decrease in workers compensation rates in five years for the Keystone State.
“Right now, Pennsylvania employers are benefiting from the excellent job they are doing to provide safe workplaces for their employees,” Rendell said. “We are committed to our ongoing efforts to stimulate the economy, while driving down the cost of doing business in Pennsylvania.”
The governor credited the decrease to a labor department initiative that works with employers to increase workplace safety practices. About 7,500 employers, with a combined 1million workers, are enrolled in the program. Those companies receive an additional 5 percent discount on their workers compensation premiums.
Source: Pennsylvania Governor’s Office
Was this article valuable?
Here are more articles you may enjoy.
SpaceX Plans $24 Billion Data Center and Gas Plant in Texas 
Nvidia-Backed Fireworks AI Notifies Customers of Its Second Hack in Weeks 
Manufacturers Hammer IBHS Over 15-Year Roof Age Limit for Fortified Designation 
Georgia, Florida Insurers Facing New Scrutiny, Regulations After Election 
