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New Jersey businesses will see an average 3.6% increase in workers compensation rates for 2014, the New Jersey Compensation Rating and Inspection Bureau said.
The New Jersey commissioner of banking and insurance approved the rate increase, which takes effect Jan. 1, 2014, the New Jersey rating bureau said Nov. 26 in a statement.
The rate hike is based in part on an increase in New Jersey workers comp benefits that takes place next year, the rating bureau said.
The maximum weekly benefit for injuries that are not permanent partial disabilities will increase to $843 from $826 in New Jersey, while the minimum weekly benefit will increase to $225 from $220.
A decrease in the frequency of Louisiana workers compensation claims has led the National Council on Compensation Insurance Inc. to request that rates be decreased 5.1% next year.