Mass. workers' comp rates dropping 19%
For the fourth straight year, the rate Massachusetts employers have to pay for workers' compensation insurance polities will be lowered, the Baker Administration announced Wednesday.
For fiscal 2019, which starts July 1, employers will pay an assessment of 3.83 percent on their insurance premium. In the soon-to-be-complete budget year, the rate was 4.56 percent.
The rate is established each year by the Department of Industrial Accidents, which is part of the Executive Office of Labor and Workforce Development.
This year marks the latest in which the rate has fallen. It was 5.8 percent in fiscal 2015.
Under state law, employers are required to carry workers' compensation insurance for all employees. The insurance pays for any medical treatment for a job-related injury or illness, lost wages for up to five days, and in some cases, retraining.
WBJ Web Partners
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