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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.