Mass. comp rates to decrease 16.9%

BOSTON--Massachusetts officials on Tuesday announced a 16.9% average decrease in workers compensation rates beginning on Sept. 1.

The rate reduction, reached in a settlement with the Workers' Compensation Rating and Inspection Bureau of Massachusetts, will result in savings of about $170 million for the state's businesses, Attorney General Martha Coakley and Gov. Deval Patrick said in a joint statement.

The WCRIB had proposed a 13.4% rate decrease, but the attorney general pressed for a larger reduction, resulting in the 16.9% settlement.

In 2005, Massachusetts employers saw a 3% average rate reduction.