Average Workers’ Comp Rate to Increase 3.6% in 2014
The state’s agency has announced an average rate increase for the 2014 work year. The New Jersey
Compensation Rating and Inspection Bureau has decided an average rate increase of 3.6% effective
January 1, 2014. Weekly benefits were also increased to $843, a $17 increase from the prior year.
New Jersey’s Compensation Rating And Inspection Bureau recently announced the state insurance
commissioner’s approval for the workers’ compensation average rate increase for next year. The state
typically raises Worker Compensation rates each year, to reflect inflation and living costs in New Jersey.
The rate increase is much less than the previous year’s increase of 8.3%, which many attributed
to the economic recovery and prior minimal rate increases. 2010 saw a rare decrease in worker’s
compensation rates, which resulted in lesser compensation to injured workers from the year before.
Contact us today for your free consultation with a NJ Workers' Compensation Attorney 800-709-1131.