Free Special Resources
Get Your FREE Special Report. Download Any One Of These FREE Special Resources, Instantly!
Featured Special Report
Claim Your Free Copy of Overtime Primer: Highlights from the New Regulations

The federal DOL overtime regulations go into effect this year. Are you ready?

Download Now!

This report includes a summary of key changes, including the salary level test and salary basis test.

As a bonus, we've included a handy flowchart to help you determine exemption status under the FLSA.

Download Now!
June 16, 2010
Comp Rates to Save Employers $22.5 Million
Governor Deval Patrick recently announced that the Massachusetts Division of Insurance’s state rating bureau has reached an agreement that will reduce workers’ compensation insurance rates by 2.4 percent, saving the Commonwealth’s businesses an estimated $22.5 million in one year.

For a Limited Time receive a FREE Compensation Market Analysis Report! Find out how much you should be paying to attract and retain the best applicants and employees, with customized information for your industry, location, and job. Get Your Report Now!

“This rate cut balances the need to help businesses control costs and provide employees with appropriate benefits,” said Governor Patrick. “Lowering the cost of workers’ compensation insurance is very much in keeping with our larger goal of improving the state’s business climate so that we can grow the economy and create jobs.”

The Workers’ Compensation Rating and Inspection Bureau requested a 4.5 percent rate increase, which would have cost businesses about $42 million based on projected premiums of $935 million, Patrick reported. Instead, the Division of Insurance negotiated the tenth reduction in workers’ compensation rates in Massachusetts since 1994.

“The Division of Insurance’s objective is to ensure a fair and equitable rate that protects workers without overly burdening employers,” said Barbara Anthony, undersecretary of the Office of Consumer Affairs and Business Regulation, which includes the Division of Insurance. “The 2010 rate cut offers further proof that reforms have created efficiencies within the system that continue to produce savings for businesses.”

The new rates take effect September 1, 2010.

Featured Special Report:
Top 100 FLSA Overtime Q&As
Twitter  Facebook  Linked In
Follow Us
Copyright © 2016 Business & Legal Resources. All rights reserved. 800-727-5257
This document was published on
Document URL: