"We anticipate that the 2013 Atlantic basin hurricane season will have enhanced
Read the complete report: "EXTENDED RANGE FORECAST OF ATLANTIC SEASONAL HURRICANE ACTIVITY AND LANDFALL STRIKE PROBABILITY FOR 2013"
Showing posts with label Costs. Show all posts
Showing posts with label Costs. Show all posts
Friday, May 10, 2013
Forecasters Predict Increased Hurricane Activity Raising Concern for Worker Saftey
On the heels of last year's Superstorm, Hurricane Sandy, some of the nation's top storm forecasters are now predicting yet another year of above average storms. The dire prediction raises concerns over the prospects on ensuring worker safety, and whether the workers' compensation system is capable of delivering benefits in an efficient and effective manner during recurrent natural disasters.
"We anticipate that the 2013 Atlantic basin hurricane season will have enhanced
activity compared with the 1981-2010 climatology. The tropical Atlantic has anomalously warmed over the past several months, and it appears that the chances of an El Niño event this summer and fall are unlikely. We anticipate an above-average probability for major hurricanes making landfall along the United States coastline and in the Caribbean. Coastal residents are reminded that it only takes one hurricane making landfall to make it an active season for them, and they need to prepare the same for every season, regardless of how much or how little activity is predicted."
Read the complete report: "EXTENDED RANGE FORECAST OF ATLANTIC SEASONAL HURRICANE ACTIVITY AND LANDFALL STRIKE PROBABILITY FOR 2013"
"We anticipate that the 2013 Atlantic basin hurricane season will have enhanced
Read the complete report: "EXTENDED RANGE FORECAST OF ATLANTIC SEASONAL HURRICANE ACTIVITY AND LANDFALL STRIKE PROBABILITY FOR 2013"
Monday, May 6, 2013
Private Sector Workers Compensation Costs Down For 7th Year
Professor Emeritus John F. Burton Jr., reports in his latest research report that private sector costs for workers' compensation costs are down for the 7th year straight. This gives rise to the next question as to whether workers' are just being denied workers' compensation benefits and the system has eroded.
"Issue 6 of the Workers’ Compensation Resources Research Report (WCRRR) examines
the employers’ costs of workers’ compensation. Part I relies on data from the Bureau of Labor Statistics (BLS) to examined national trends from 1986 to 2012. For private-sector employers, costs dropped for the seventh year in a row and represented 1.80 percent of payroll in 2012, the lowest figure since 1986. For all non-federal employers, costs of workers’ compensation dropped to 1.79 percent of payroll in 2012, the lowest figure since the data series began in 1991.
"Part II examines BLS data on the differences in the employers’ costs of workers’ compensation due to factors such as geographical location, industry, union status, and occupations of the firm’s employees. The variations of workers’ compensation costs among industries were significant in 2012, ranging from 4.47 percent of payroll in construction to 0.63 percent of payroll in the financial industry.
 |
| Professor Emeritis John F. Burton Jr. |
"Part II examines BLS data on the differences in the employers’ costs of workers’ compensation due to factors such as geographical location, industry, union status, and occupations of the firm’s employees. The variations of workers’ compensation costs among industries were significant in 2012, ranging from 4.47 percent of payroll in construction to 0.63 percent of payroll in the financial industry.
Monday, December 17, 2012
Slow Recovery Affects Workers' Compensation Benefits and Costs
Today's post comes from guest author Kit Case from Causey Law Firm.
A Press Release by the National Academy of Social InsuranceWASHINGTON, DC - Workers' compensation benefits declined to $57.5 billion in 2010 according to a report released today by the National Academy of Social Insurance (NASI). The drop in workers' compensation benefits was largely due to a 2.1 percent drop in medical benefits for injured workers. Employers' costs for workers' compensation also fell by 2.7 percent in 2010. As a share of covered wages, employers' costs in 2010 were the lowest in the last three decades.
"As a share of covered wages, employers' costs in 2010 were the lowest in the last three decades."
"Employers' costs as a percent of payroll declined in 43 jurisdictions," said John F. Burton, Jr., chair of the study panel that oversees the report. "This decline is probably due to the slow pace of the recovery, with many jurisdictions still experiencing relatively high unemployment rates."
| Workers' Compensation Benefits, Coverage, and Costs, 2010 | ||
| Total |
2010
|
Change Since 2009 (%)
|
| Covered workers (in thousands) |
124,454
|
-0.3%
|
| Covered wages (in billions) |
$5,820
|
2.6%
|
| Benefits paid (in billions) |
$57.5
|
-0.7%
|
| Medical benefits |
$28.1
|
-2.1%
|
| Cash benefits |
$29.5
|
0.7%
|
| Employer costs (in billions) |
$71.3
|
-2.7%
|
| Per $100 of Covered Wages |
2010
|
Change Since 2009 ($)
|
| Benefits paid |
$0.99
|
-$0.03
|
| Medical benefits |
$0.48
|
-$0.03
|
| Cash benefits |
$0.51
|
-$0.01
|
| Employers' costs |
$1.23
|
-$0.06
|
| Source: National Academy of Social Insurance, 2012. | ||
The new report, Workers' Compensation: Benefits, Coverage and Costs, 2010, is the fifteenth in the series that provides the only comprehensive data on workers' compensation benefits for the nation, the states, the District of Columbia, and federal programs.
"This report represents the first time the Academy has released employers' costs by state."
This report represents the first time the Academy has released employers' costs by state. For a table showing employers' costs for all fifty states and the District of Columbia, refer to Table 12 (page 34).
Most states reported a decrease in the number of workers covered but an increase in covered wages between 2009 and 2010. During the same period, the total amount of benefits paid to injured workers declined in 26 jurisdictions and increased in 25. As a share of payroll, benefits paid to injured workers fell by three cents to $0.99 per $100 of payroll in the nation.
The share of medical benefits for workers' compensation has increased substantially over the last 40 years. During the 1970s medical benefits nationally accounted for 30 percent of total benefits, whereas in 2010 the share of benefits paid for medical care was almost 50 percent. Experts attribute this trend to the rising cost of health care.
Sunday, December 2, 2012
The Hidden Cost of Jobs - Selling Fear
At great economic cost to taxpayers, governmental entities have desperately attempted to save jobs during the economic depression of our generation. The hidden costs to save jobs has been revealed in a story and database appearing in the NY Times today. The gamble in many jurisdictions just didn't payoff and now the taxpayers are subsidizing the costs.
"Over the years, corporations have increasingly exploited that fear, creating a high-stakes bazaar where they pit local officials against one another to get the most lucrative packages. States compete with other states, cities compete with surrounding suburbs, and even small towns have entered the race with the goal of defeating their neighbors."
"Over the years, corporations have increasingly exploited that fear, creating a high-stakes bazaar where they pit local officials against one another to get the most lucrative packages. States compete with other states, cities compete with surrounding suburbs, and even small towns have entered the race with the goal of defeating their neighbors."
Likewise, states have targeted workers' compensation insurance as a competitive giveaway incentive to industry, adding insult to injury for disabled workers, as a trade-off cost in order to save jobs. This has been an unfortunate experiment and has resulted in an unfortunately emsaculation of the entire workers' compensation benefit programs. The "giveaway," like the other governmental incentive efforts, has created more losers than winners, and and decimated workers' compensation.
Read the complete NY Times story Hidden Costs to Taxpayers As Companies Seek Tax Deals, Governments Pay High Price http://buff.ly/RtoiBk The Interactive Data
....
Read more about the "recession" and workers' compensation
Jon L.Gelman of Wayne NJ, helping injured workers and their families for over 4 decades, is the author NJ Workers’ Compensation Law (West-Thompson) and co-author of the national treatise, Modern Workers’ Compensation Law (West-Thompson).
Read more about the "recession" and workers' compensation
Feb 23, 2009
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Compounding that predicament is the fact that the recession has eliminated 6.5 million jobs since 2007. Both higher levels of unemployment and a reduction in salary increases impact have a fiscal impact of the workers' ...
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