If a filing by the National Council on Compensation Insurance (NCCI) gets approved, Florida workers’ compensation rates may increase next year beginning January 1, 2012. The filing must get approved by the Florida Office of Insurance Regulation (OIR). The NCCI presented its annual compensation rate filing to the OIR back in August. Based on the data, the NCCI is proposing an overall workers’ compensation rate level increase of 8.9 percent. After many years of major declines, workers’ comp claim frequency increased significantly in 2009. Data so far this year shows the frequency of claims has increased even more. This could mean the economy has had a major impact on the workers comp industry. NCCI estimates that if the filing gains approval, Florida would compare to other states as follows: Florida has (and would still have) the lowest workers’ compensation rates of any of the states in the Southeast. Florida is (and would still be) the only large state within th ...

Employees might be asking themselves if they are obligated to offer certain benefits while they struggle with the ever-increasing costs of benefits. Aside from workers’ compensation, Social Security and some state requirements, employers are able to decide for themselves whether or not to provide other benefits. While the law might not require you to have benefits, in order to obtain and retain talented workers, you should think twice before dropping benefits. According to MetLife’s ninth annual Study of Employee Benefit Trends, in the six months before this past March, 20 percent of companies reported they had to decrease employee benefits. This is the highest level since the fall of 2008. According to the study, employers continue to scale back on health care coverage for workers (91 percent) and spouses and dependents (89 percent). According to the International Foundation and International Society of Certified Employee Benefit Specialists’ Employee Benefits Survey; U.S. and Canada 2 ...

As companies push for relief from increasing workers’ compensation insurance costs and a struggling economy—some states are making changes to their compensation laws. Workplace experts predict more states could follow suit. In states like Kansas, Montana and Oklahoma, much progress has been made. Recent measures focused on tightening eligibility for workers’ compensation disability benefits, as well as limiting an employer’s obligation to pay for medical treatment of workers who are injured. It’s expected that costs could be cut by more than 20 percent the first year in Montana, which has the highest workers’ compensation rates in the United States. In fact, the workers’ compensation bill in Montana is expected to generate close to $100 million in savings during its first year. This will be done, in part, by locking in medical provider rates at the 2010 levels. In addition, the law mandates that treatment of injured workers who are not permanently and totally disab ...

Extending the payroll tax cut is a tough sell since the 2011 benefit was unproven. Economic experts say the results of this year’s payroll tax cuts were limited because much of the extra money that workers took home went to cover increasing gas prices (which reached a three-year high in May), instead of personal spending. In President Barack Obama’s $447 billion jobs plan, the most expensive part of it is expanding and extending a decrease in the payroll tax that funds Social Security. Some economists say allowing the payroll cut to expire at the end of this year would slow down economic growth for next year. The goal of the payroll tax cut is to give American workers more money, while encouraging consumer spending and thus stimulating the economy. Economists say it’s impossible to know what would have happened without the payroll tax cut. According to the Commerce Department, personal spending grew at a .7 percent annual rate in the second quarter of 2011. This is the weakest since the ...

A recent independent survey shows this past August, employers reduced workers hours and hiring by small businesses slowed. Economic experts say this could mean the recent stock market turmoil has slowed down job creation. Experts say this is proof the economic recovery has a long way to go. According to Intuit, a payroll processing company, in July, small businesses added 35,000 jobs after increasing employment by 40,000. The survey was based on responses from close to 66,000 employers at companies with 20 employees or less and covered the days between July 24 and August 23. Following Standard & Poor taking away the nation’s top AAA credit rating, consumer and business confidence took a swan dive. This also came after news of the debt crisis spreading in Europe. Economic experts fear that the problems in the stock market could scare businesses away from hiring any new workers. Upcoming employment report numbers will be closely monitored to see whether or not people project another impending r ...