OLYMPIA, Wash.- President of the Association of Washington Business Kris Johnson has issued a statement about the Department of Labor and Industries proposed 2024 workers’ compensation tax rates.
“Washington is already an expensive state to do business, and unfortunately this proposed 4.9% average rate increase in workers’ compensation insurance will only make it more expensive for employers who are also dealing with extraordinary inflationary pressures.” said Johnson “Keep in mind this is an average rate increase across industry sectors. For some businesses, the increase will be as high as 20% while others may get no increase. “
“This may seem like a small increase when viewed alone, but it follows multiple years of rate hikes.”
“Over the last two years, workers’ comp rates have increased nearly 10% in Washington while other states continue to lower their rates. It also comes on top of other cost pressures including unemployment insurance, paid family and medical leave and the nation’s highest workers’ compensation benefits paid, according to the 2023 Competitiveness Redbook.”
“These all add up. We’re disappointed that Washington once again missed an opportunity to lower costs for employers and to help them navigate this challenging economy. “
“We look forward to continuing to work with lawmakers and others to make Washington a great place to do business.”
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