Penn. OKs 5.7% Cut in Workers’ Comp Costs

The Pennsylvania Insurance Department approved a 5.7 percent decrease in overall workers’ compensation costs that will result in $160 million in savings for Pennsylvania employers.

Regulators said employers can expect a 5.7 percent rate cut, on average, in 2012. However, some will see rates go up, some will see no change, and others will see rates go down beyond the 5.7 percent. The specific rate changes will vary according to type of business and the employer’s specific claims history, regulators explained.

“At a time when many are feeling a financial pinch and doing more with less, it is a very hopeful sign that the business community may now be able to pay less in workers’ compensation insurance premiums,” Insurance Commissioner Mike Consedine said.