Today’s issue of WorkCompRecap features the release of the latest edition of the National Academy of Social Insurance’s yearly Workers’ Compensation Benefits, Costs, and Coverage Report, which found workers’ compensation benefits both in total and as a share of payroll continued a trend of decline, while covered employment and wages continued to rise.
The study noted that in 2018, workers’ compensation total benefits paid were $62.8 billion, a decrease of 1.2% from 2014. After falling by 1.9% from 2014-2016, benefits increased by 0.8% from 2016-2018. Adjusting for the increase in covered wages, however, total benefits were $0.77 per $100 of covered wages in 2018, a decrease of $0.16 since 2014. Also new to the study are an expanded discussion of the definition of workers’ comp in the US, and an exploration of other social insurance and safety-net programs for injured, ill, and disabled workers.
Find out more (including a link to the free report!) by clicking here!