WORKERS’ COMP DECLINE

Workers’ compensation benefit payments and costs declined relative to wages in 1997 and 1998 according to a report released today by the National Academy of Social Insurance. This marks the sixth consecutive year of declining benefits relative to wages. In 1998, total workers’ comp benefit payments were $41.7 billion. These payments were for medical care and cash benefits for workers with injuries or illnesses caused on the job. Total costs to employers in 1998 were $52.1 billion. The benefits and costs were slightly higher in 1998 than their 1997 levels of $40.6 billion in benefits and $52 billion in costs. When adjusted for the growing size of the work force and the rising wages of workers, however, benefits and costs continued to decline from their all-time highs in 1992 and 1993.