The Senate voted Thursday to impose an annual cost-of-living adjustment
(COLA) on workers’ compensation benefit rates for certain disability
cases that occurred after 1980. The bill now goes to the Governors desk for his signature. If signed into law, this bill would significantly increase workers’ compensation costs which are rising
due to the escalating cost of medical care.
The estimated $59.5 million annual cost will be generated by
increasing the $223 million annual surcharge that New Jersey employers now pay
to the Second Injury Fund, which is already the second-highest such charge in
the nation.
NFIB opposed this bill and is encouraging Governor Christie to veto it.
