Changing Compensation Costs in the Washington Metropolitan Area Tumwater, WA For most workers injured on or before July 1, 2021, time-loss and pension benefit payments will increase by 7.5 percent based on the change in the state's average wage as announced by the Washington State Employment Security Department on June 16. Most retirement plans with a cost of living adjustment either have a hard cap or no cap at all. Bellingham, WA 98226 The COLA for 2022 is 7.5 percent. Specifically, during economic waves in the early and mid-2000s, Washington State businesses experienced L&I rate increases. These folks worked long careers in the public sector. Federal law allows the department to review the combined benefit amount every three years to determine whether the income should increase to reflect more current wage levels. 15 S Oregon Ave. Pursuant to statutory formulas, this means that the newest maximum time loss rate in workers compensation claims is now $8,250.80 per month, and the newest minimum time loss rate is $1,031.35. The website of the Washington State Legislature provides access toRCWsandWACsreferenced in the agreements. We aim to help as many injured worked in the state of Washington as we possible can. For most workers, these increase became effective July 1, 2022. If youre in Plan 2 or 3 and have been retired at least one year, youll receive a cost-of-living adjustment (COLA) automatically each July no matter how many years you worked. Workers' Comp Benefits Affected by the 2022 COLA: You can expect . You will know that you have taken important steps to get your claim moving in the right direction. In 2021 maximum time loss rates will increase to $8,250.80, which is 120% percent of the states average monthly wage. Copyright 2023 - Retired Public Employees Council of Washington. The Washington State average annual salary in 2021 was $82,508.00 per year, as determined by the Washington Employment Security Department on June 15, 2021. The Washington State Department of Labor & Industries (L . Cost of Living Adjustment 2022: The Walthew Law Firm TUMWATER The Washington State Department of Labor & Industries (L&I) today announced the state's minimum wage will rise to $14.49 per hour starting Jan. 1, 2022.. State law mandates L&I calculate the minimum wage for the coming year based on the federal Bureau of Labor Statistics' (BLS) Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).