Governor Steve Bullock today announced that the Montana State Fund Board of Directors recently reduced workers’ compensation rates by 5%.
“Montana’s strong fiscal management and efforts by employers to keep workers safe results in more hard-earned dollars to invest in business, employees, and Montana’s economy,” said Governor Bullock. “As we continue to build on the economic strength of Montana businesses, this is another step forward to help businesses grow and create more good-paying jobs.”
As a result of positive loss experiences, the Montana State Fund Board of Directors made the decision on Friday to reduce the rate for 2018. There has not been a rate increase since 2006. Since 2007, rates have gone down or remained flat every year.
“We are extremely excited to announce this rate reduction,” said Lance Zanto, Board Chair of Montana State Fund. “The employers of Montana are to be commended for their positive approach to controlling their costs. Their hard work is paying off.”
In the face of rising medical costs and the current medical inflation rate of 4%, Montana employers are improving their efforts to provide a safe workplace. When injuries do occur, employers are helping the employee to return to work sooner. As employers continue to implement efficient safety programs that protect their employees from injury, the Board anticipates rates will continue to decline.