Fourth Time Gov. Christie Whitman announced today that for the fourth year in a row, the average premium for workers compensation insurance will be reduced. At the same time, she said, the maximum weekly benefit for injured workers will be increased. The average workers compensation premium rate for New Jersey businesses will be reduced by 5.2 percent in 1999.
Good news is always welcome.
Two and three years in a row is wonderful. Our employers and our workers and our health care providers are consistently making New Jersey a better place to do business, and to work. In 1995, the average premium was reduced 3.8 percent, in 1996, 11.2 percent, and in 1997, 9.3 percent. The cumulative reduction for the four-year period works out to about 26 percent. We did have a similar series of reductions, from 1982 through 1985.