NCCI Releases September 2024 Labor Market Insights Report
- The National Council on Compensation Insurance (NCCI) has released the latest edition of its Labor Market Insights report. It provides a monthly overview of key labor market statistics and potential impact on workers’ compensation.
- Employment gains bounced back in August after a soft July, but they remained lower than earlier in the year.
- The number of workers on temporary layoff declined by 190,000 in August, reversing most of July’s increase, helping to push down the overall unemployment rate.
- The full September report is available here.
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Pennsylvania WC Legislation Seen Throttling Settlements
- Draft legislation under consideration in Pennsylvania could “chill if not put a complete stranglehold” on workers’ compensation settlements, according to a blog by Paul Fires, co-managing partner of law firm Weber Gallagher’s workers’ compensation practice.
- Pennsylvania House Bill 2490 would amend the state’s Workers’ Compensation Act to prohibit employers from requiring side agreements as a condition of a workers’ compensation settlement, and would penalize employers and insurers if they are found to be in violation of this prohibition.
- Among the problematic elements of the bill is that it would: Result in governmental overreach into private arrangements between employers and employees; Allow injured workers to claim entitlement much more easily to post-settlement unemployment compensation benefits; and, Would allow post settlement employees to share confidential settlement information, encouraging possible filing of spurious cases.
- The bill is pending review by the Pennsylvania General Assembly’s Labor and Industry Committee.
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Washington State Seeks 3.8% Hike in WC Rate for 2025
- The Washington State Department of Labor & Industries (L&I) is proposing a “relatively modest” 3.8% increase in the average hourly rate employers and workers pay for workers’ compensation insurance for 2025.
- That equates to an increase of about a dollar per week in the average cost of providing insurance per full-time employee within a business, according to an L&I statement.
- As it is less than what L&I expects to pay out for 2025 claims, the agency expects to make up the difference from the WC contingency reserve.
- Without using the reserve, it would need to raise average rates nearly 5.5% to collect enough premiums to cover next year’s expected new claims.
- Public hearings are scheduled for Oct. 28 and 29 on the rate proposal.
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