Wyoming proposes 6.5% comp rate cut for 2024

The Department of Workforce Services Workers’ Compensation Division in Wyoming is proposing an overall rate decrease of 6.5% in workers compensation rates for 2024.

The rate changes at the class level will vary, depending on job risk, but businesses may see up to a 20.1% decrease, the department announced. A public hearing is slated for Oct. 19.

The proposed rate decrease “combines many factors, including income from the workers compensation fund investments and the total claim losses for the year,” said Jason Wolfe, Workforce Standards Administrator for the state, in a statement, adding that the decrease is the result of employers keeping “their workplaces safe and free of hazards that may cause an injury.”