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Arkansas Governor Asa Hutchinson has announced that there will be a major reduction in the cost of workers’ compensation insurance for employers in the state.
Speaking at the Little Rock Regional Chamber of Commerce, the governor said that the cost reduction is a response to the significant drop in workplace fatalities and injuries. He added that the state’s incidence of workplace fatalities has reached a record low – from 106 in 1995 to 49 in 2017.
“And we have to put that in perspective ... we have more people working today than ever before,” Hutchinson said. “Our workplace is becoming more safe.”
Thanks to the decrease in workplace fatalities and injuries, the cost of workers’ compensation insurance in the state is being reduced by a considerable 14.4%, which takes effect immediately, Arkansas Times reported.
“This is the largest reduction in workers’ compensation insurance in over 20 years,” the governor noted, adding that the reduced rate was suggested by the National Council of Compensation Insurance.
