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The biggest impact of the economic recovery on workers' compensation premium is via the number of lost jobs and the pace of employment recovery, not wage growth, according to the NCCI. (Credit: Cagkan Sayin/Adobe Stock) The biggest impact of the economic recovery on workers’ compensation premium is via the number of lost jobs and the pace of employment recovery, not wage growth, according to the NCCI. (Credit: Cagkan Sayin/Adobe Stock)

The price of labor, which is tightly bound to workers’ comp premiums, has matched pre-pandemic trends during the five quarters since the pandemic began, according to the National Council on Composition Insurance (NCCI). During the period, the employment cost index increased 3.2% on an annualized basis.

The council reported there is no strong evidence to suggest upward pressure on wages in general, noting much of the recent wage growth has been concentrated in low-wage positions and new hires in service sectors, including leisure and hospitality.

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Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected], and on LinkedIn and Twitter.  

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