New Jersey Has Lower Workers’ Compensation Premiums, Higher Payouts in 2023

​ 

Pennsauken, NJ (Law Firm Newswire) February 22, 2023 – New Jersey businesses will pay lower workers’ compensation premiums, but injured workers will receive higher payouts for some types of benefits, according to recent news from the New Jersey Compensation Rating & Inspection Bureau (NJCRIB).

NJCRIB recommended a 4.7 percent decrease in workers’ compensation insurance premiums for 2023. Insurance Commissioner Marlene Caride, however, adjusted that number downward even further, resulting in a 6.1 percent average decrease in workers’ compensation and employer liability insurance rates for the coming year.

While 6.1 percent is the average overall rate decrease, some industries are likely to see a steeper decrease in premiums than others. NJCRIB predicts, for instance, that contracting will see up to a 7 percent decrease in premium costs. Office and clerical businesses, by contrast, may see their premiums decrease less - by about 3.5 percent.

These decreases won’t translate into less support for injured employees, however. As January 1, 2023, the maximum weekly benefit for most types of injuries increased by $33, rising from $1,065 in 2022 to $1,099 in 2023. The minimum weekly benefit increased, from $284 per week to $293.

Payments for permanent partial disability losses changed. The maximum benefits for permanent partial disability along with the rates for other types of injuries changed - rising to a floor of $293 per week and a ceiling of $1,099 per week. The minimum weekly benefit for these injuries remains at $35 per week.

2023 marks the second year in which New Jersey’s workers’ compensation premiums are dropping. In 2022, the NJCRIB called for a 4.9 percent reduction in premiums, which the commissioner adjusted to a 5.3 percent average decrease before approving.

These decreases are a welcome relief for New Jersey businesses, which face some of the highest workers’ compensation rates in the United States. Adjusting premium rates while also maintaining benefits for injured New Jersey workers represents a middle path for both employers and employees through the difficult task of addressing the losses that come with an on-the-job injury or illness.

Learn more at http://www.petrilloandgoldberg.com/

Petrillo & Goldberg Law

6951 North Park Drive
Pennsauken, NJ 08109

1333 Race Street
Philadelphia, PA 19107

70 South Broad Street
Woodbury, NJ 08096

Phone: 856-486-4343
Fax: 856:486-7979

Workers’ compensation for worker who contracted Legionnaires’ Disease
A Pennsylvania court ruled that a man who became disabled after developing Legionnaires’ Disease, is entitled to workers’ compensation and medical benefits. Shawn Gillen said he contracted Legionnaires’ Disease as a result of exposure to contaminated water while he was performing his job responsibilities at Nestle USA Inc. According to court records, Gillen was stationed […]
Settlement of labor law accusations against six South Jersey gas stations
According to their U.S. Labor Department, the proprietors of six South Jersey gas stations will pay over $460,000 to employees who worked 70 hours per week for an amount below the minimum wage, and received no compensation for overtime. USA Gas station owners Prabhit Singh and Harbir Piar were alleged to have violated the department’s […]
Governor Christie says he will approve back pay for furloughed workers during government shutdown
New Jersey Governor Chris Christie said he would approve legislation to restore compensation for workers who were laid off when the state government was shut down. This marked the second shutdown in the history of the state. A representative from his office said he does not possess the authority to do this on his own. […]
Long wait for survivor benefits for the spouse of volunteer
Following the death of Scott Danielson, a member of the Lakeland Ambulance Squad and Andover Borough Councilman, his wife was left with a number of financial setbacks. Although it has been a year and a half since her husband’s death, she has yet to receive survivor benefits from the state. Shortly after her husband’s death, […]
Settlement in retaliation suit grants city employee $75K
A city worker who claimed he was demoted and terminated after filing two workers’ compensation claims for injuries sustained at work has settled his lawsuit against Galloway for $75,000. Frank Chamberlain stated he received negative reviews from his supervisors and many disciplinary notices after he filed the second workers’ compensation claim in 2011. The suit […]

The post New Jersey Has Lower Workers’ Compensation Premiums, Higher Payouts in 2023 first appeared on Law Firm Newswire.