MEMORANDUM NO. 2011-01
Correction to Weekly Benefit Tables
|TO:||Commissioners, District Administrators, Self-Insureds, Insurance Carriers, Attorneys, Unions, Legal Advisory Panel and Advisory Board Members|
|FROM:||John A. Mastropietro, Chairman|
|DATE:||February 22, 2011|
|RE:||Correction to Weekly Benefit Tables|
Effective January 1, 2011 the social security withholding tax on earnings was reduced by 2 percent. Because of this, the compensation rates shown in the current Weekly Benefit Tables will not be accurate for dates of injury on or after 1/1/2011. To manually calculate the correct compensation rates, you may use the following "short cut" equations.
- For average weekly wages less than or equal to $2,053:
Multiply the gross weekly average wage by 1.5 percent and add this to the compensation rate shown in the rate table books.
- For average weekly rates equal to or greater than $2,054:
Add $30.81 to the compensation rate shown in the rate table books.
The maximum and minimum compensation rates as stated in the rate tables book remain the same.