Good news for many PA companies! The Pennsylvania Insurance Department (PID) approved a 5.7 percent overall decrease in workers’ compensation costs. The rate cuts will result in an estimated $160 million in savings for Pennsylvania employers. This is the first rate cut in three years.
Rate changes for individual employers will vary based on type of business they are in and claim history. Some employers will see deeper rate reductions, while rates for others will increase. Businesses enrolled in the Certified Workplace Safety Committee program of Pennsylvania’s Department of Labor and Industry (DOLI) receives an additional 5 percent discount. Currently, 9,652 businesses have certified safety committees.