Workers’ compensation rates to drop in 2014
(Salem) – Workers’ compensation costs will decrease an average 7.6 percent in 2014, thanks to lower medical costs and fewer and smaller claims for lost wages, the Department of Consumer and Business Services (DCBS) announced today.
The department approved the average decrease in “pure premium,” which is the portion of the premium employers pay insurers to cover anticipated claims costs for job-related injuries and deaths. Workers’ compensation pays injured workers for lost wages as well as for medical care for job-related injuries. The decrease in costs is across all industry sectors, but particularly in manufacturing and construction.
“Oregon’s focus on improving worker safety and getting injured workers treated and back on the job quickly makes a difference,” DCBS Director Patrick Allen said. “And, we’re starting to see medical cost control strategies pay off.”