TUMWATER, Wash.-A proposal from the Washington Department of Labor and Industries would increase workers’ compensation rates by 4.9% in 2024.
If approved, the proposed increase would mean employers and workers would jointly pay an additional $65 each year per employee, for workers’ compensation insurance according to L&I.
Public hearings on the proposed increase are scheduled across the state in late October before L&I makes a final decision.
On October 26 a hearing will be held in-person and virtually at 10:00 a.m. at L&I Headquarters in Tumwater. A hearing on October 27 will be in-person in Spokane at 9 a.m. and a hearing on October 31 will be in-person at 10:00 a.m. in Yakima.
According to L&I the proposed increase is below what it expects to pay for 2024 claims, so the agency will augment the premiums with funds from the workers’ compensation contingency reserve.
“With help from our reserves, we’re finding a balance between charging enough to cover costs and keeping rates steady and predictable, as Washington employers deal with economic uncertainty and lingering impacts of the pandemic,” said L&I Director Joel Sacks.
A typical worker will continue to pay about a quarter of the premium, similar to 2023, according to L&I, however, the proposed increase means employees would pay about $11 more on average in 2024.
“It’s good for workers that wages are rising, but that means the cost of replacing wages when a worker gets hurt goes up too,” Sacks said.
