The New Jersey Department of Banking and Insurance has approved a 3.4 percent increase in workers' compensation rates beginning Jan. 1.
The rate increase follows increasing loss trends over the past two years and expected increases in the coming years, according to the circular letter released by the Compensation Rating and Inspection Bureau.
The increase also reflects increases in benefits, changes in provisions for assessments and expenses, and other expense adjustments, the letter said. It noted that benefits will also rise.
The weekly benefit payment for injuries and permanent partial disabilities ranging from $190 to $711 will increase to $198 to $742. The minimum weekly benefit for permanent partial injuries will remain at $35.
Frederick A. Huber, associate executive director, said the increase does not require any legislative approval and is ready to take effect. He said this increase does not contain any major changes in the program as has been the case in the past.
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