Cheyenne, WY – The Wyoming Department of Workforce Services Workers’ Compensation Division recently proposed a significant decrease in workers’ compensation rates. For 2024, the overall rate indication is a decrease of 6.5% compared to the overall Industry Base Rates in 2023. Base rate changes at the class level will vary, but businesses may see up to a 20.1% decrease. The 2024 proposed class rates are listed on the department’s website.
The Department will hold a public hearing on the proposed changes on Oct. 19, at its offices located at 5221 Yellowstone Road, Cheyenne, WY. Written comments regarding the change will be received through Oct. 17. The complete public notice is viewable on its website.
“The Workers’ Compensation Division has conducted a thorough review of our financial stability and claims data, enabling us to implement rate adjustments that will benefit employers across the state,” says Robin Sessions Cooley, Director of the Department of Workforce Services. “This rate decrease is a testament to our commitment to fostering a favorable business environment, encouraging economic growth, and ensuring the safety and well-being of our workers.”
Once approved, the proposed changes will take effect in 2024. Many employers in Wyoming can anticipate lower premiums on this alone; however, rates may be further decreased depending on individual employer experience modification ratings or if an employer is enrolled in any safety discount programs.
“For the last several years, the Division has been able to hold rates steady or take a modest decrease. This year, we propose a 6.5% decrease in the overall base rate. The rate-making process combines many factors, including income from the workers’ compensation fund investments and the total claim losses for the year. Still, in the end, the decrease is evidence of the great work Wyoming’s employers and their workers are doing to keep their workplaces safe and free of hazards that may cause an injury,” says Jason Wolfe, Workforce Standards Administrator.
The Wyoming Department of Workforce Services remains committed to fostering a business-friendly climate while prioritizing the safety and well-being of Wyoming’s workers. DWS will continue to work collaboratively with stakeholders and monitor industry dynamics to ensure sustainable and equitable practices within the workers’ compensation framework.
Source: WY DWS