TUMWATER, Wash. — The Washington State Department of Labor & Industries (L&I) announced on Thursday that there will be a 4.9% increase in the average workers’ compensation premium rate for 2024.
This increase will take effect on Jan. 1, 2024 which means employers and workers will jointly pay an additional $65 a year in workers’ compensation insurance premiums for each full-time employee.
Every fall, L&! determine the proposed workers’ compensation rates for the following based on the expected workers’ compensation payouts, the size of the contingency reserve, wage inflation and other financial indicators.
“We do our best to be good stewards of this important program that helps tens of thousands of injured workers recover and return to work every year,” said L&I Director Joel Sacks. “Helping prevent workplace injuries and illness is our number one goal, yet we have to make sure that we have a healthy workers’ compensation system. This increase will help us do that so workers know they’ll have the help they need when they need it.”
This extra $65 a year will cover costs of providing wage and disability benefits for injured workers and medical treatment for those injured at the workplace and illness.
As health care costs rise, and wages rise, this means that if a worker gets hurt it will cost more. The 4.9 percent increase is an average for all industries. The rate for specific industries could be higher or lower depending on their recent claims experience
For more information about 2024 workers’ compensation rates is available at www.Lni.wa.gov/Rates.
