Workers Compensation Rates In Oregon

Workers Compensation: Today, the Oregon Department of Consumer and Business Services issued an analysis showing that the state’s workers compensation rates continue to be among the lowest in the country (DCBS).

This, according to a DCBS press statement, is evidence of the state’s continuing accomplishment in ensuring safer workplaces at reasonable prices.

The premium rates that were in effect on January 1, 2022, are used in the biannual research to rank all 50 states and the District of Columbia.

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Workers Compensation Costs In Oregon

In 2022, Oregon had the tenth-lowest rates. Despite having a lower premium index rate than in the 2020 poll, Oregon declined four places. This is because rates in other states fell by a few cents more. Until 2020, Oregon’s index rate is $1.00 per $100 of payroll; after that, it will drop to $0.93.

In September, DCBS reported that in 2023, the average workers’ compensation rate in Oregon will drop by 3.2 percent. In the event of a work-related injury, the employee is entitled to reimbursement for medical expenses and lost wages.

As a result of widespread rate declines in recent years, the distribution of survey results has shrunk. Because of how closely the premium index rates are clustered at the bottom, even tiny shifts in the index rates can cause large shifts in the rankings.

In the year 2020, Oregon had the sixth lowest cost of living. Kentucky will occupy that position in 2022. Payroll costs are just a little different between the two, at 7 cents each and $100. (93 cents for Oregon and 86 cents for Kentucky).

Workers Compensation Costs In Oregon
Workers Compensation Costs In Oregon

Workers’ compensation systems across the United States can benefit greatly from this research, DCBS Director Andrew Stolfi stated. Since the first poll was conducted in 1986, the Oregon workers’ compensation system has grown much stronger. As an organization, we want to reduce workplace injuries and increase employee benefits, thus we welcome the continued decline in insurance premiums for businesses.

New Jersey was found to have the highest rates in the survey, followed by Hawaii and then California. At the same time, insurance was the cheapest in North Dakota. The cost of living in Washington was the 24th highest in the US, while in the Northwest, Idaho had the 16th highest prices.

The study done by the Oregon Department of research also compared each state’s rate to the national median rate of $1.27 per $100 of payroll (the 26th ranked state). At 93 cents, Oregon has the second lowest rate in the country, below the national average by 27 percentage points.

The study calculates rates for each state using the same combination of the 50 industries with the highest workers’ compensation claims costs in Oregon to produce a valid comparison of states, which have different mixes of industries.

When Oregon’s rates were among the highest in the country in 1986, the state began conducting similar studies every other year. As a form of accountability, the agency provides the results to the Oregon State Legislature. Improvements in occupational safety and health, as well as changes to Oregon’s workers’ compensation system, have contributed to the state’s current low rate.

According to the announcement, Oregon has traditionally prioritized the welfare of its workers by taking a multifaceted approach to issues such as workplace safety, company expenses, and the provision of generous benefits. The goal of this strategy is to help injured workers get back to work as quickly as possible and with as little of an impact on their wages as possible, while also enforcing requirements that employers provide insurance for their employees.

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It also involves enforcing safety and health regulations in the workplace and providing guidance to businesses on how to better protect their employees from harm while they are at work.

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