Compensation Rates: The analysis released today by the Oregon Department of Consumer and Business Services shows that the state’s workers’ compensation rates continue to be among the lowest in the country (DCBS).
This shows the state’s continuous achievement in making workplaces safer and keeping expenditures under control, according to a release from DCBS.
The premium rates that were in effect on January 1, 2022, are used in the biennial study to rank all 50 states and DC.
Workers’ Compensation Rates Oregon
Oregon has the 10th least costly rate in 2022. In spite of a reduced premium index rate compared to the 2020 survey, Oregon declined four places. This is because rates in other states dropped a few cents more. Oregon’s index rate is 93 cents per $100 of payroll, dropping from $1.00 beginning in 2020.
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In September, DCBS reported that in 2023, workers’ compensation rates in Oregon would fall by an additional 3.2% on average. When an employee is injured on the job, workers’ compensation will cover any medical expenses and missed income.
The nationwide decline in rates over the past few years has caused a convergence of the survey’s subscores. Due to the close proximity of the premium index rates at the bottom of the scale, even modest shifts in the index rates can result in substantial shifts in position.
In 2020, Oregon was the sixth least costly. Kentucky will occupy that position in 2022. However, the difference between the two is only 7 cents for every $100 paid out in salaries (93 cents for Oregon and 86 cents for Kentucky).
According to DCBS Director Andrew Stolfi, “this study is a valuable tool for the workers’ compensation systems throughout the U.S.” Since the first poll was conducted in 1986, the Oregon workers’ compensation system has grown significantly stronger. We’re happy to see insurance rates for businesses continue to go down, as it’s a direct result of our efforts to reduce workplace injuries and increase benefits.
Prices were found to be highest in New Jersey, followed by Hawaii and then California. North Dakota, meanwhile, had the cheapest prices of any state. Washington had the 24th most costly rates in the Northwest, while Idaho had the 16th highest.
Study authors from Oregon additionally compared each state’s rate to the national median rate of $1.27 per $100 of payroll (the 26th ranked state). The 73 percent of the median represented by Oregon’s 93 cents makes it the second lowest rate ever recorded.
Oregon’s workers’ compensation rates remain among the lowest in the nation, according to an analysis released today by the Oregon Department of Consumer and Business Services. https://t.co/8MtiVXDJQy
— KTVZ NewsChannel 21 (@KTVZ) November 22, 2022
Since different states have different compositions of industries, the study determines rates for each state using the same composition of the 50 industries with the highest workers’ compensation claims expenses in Oregon.
Since 1986, when Oregon’s rates were among the highest in the nation, the state has performed these studies every two years on the odd years. As a measure of performance, the department provides the data to the Oregon State Legislature. Today’s low rate is evidence of the positive effects of reforms made to Oregon’s workers’ compensation system and to the state’s efforts to improve workplace safety and health.
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According to the announcement, Oregon has always maintained a broad stance on issues including worker protection, company costs, and benefits. In this strategy, companies are required to carry insurance for their employees, medical costs are contained, and injured workers are assisted in returning to work as quickly as possible with as little disruption to their pay as possible.
Workplace safety and health refer to a wide range of initiatives, including the enforcement of regulations and the provision of guidance to businesses on how to enhance the health and safety of their employees on the job.
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