Louisiana Workers Compensation Corporation today announced that a $94 million dividend for 2020 will be distributed to approximately 20,000 Louisiana businesses and will impact over 162,000 workers.
With this dividend, LWCC has returned more than $1.028 billion over the past 18 years to Louisiana businesses, according to a news release. The 2019 dividend, announced in April of last year, was $86 million. Since 2006, the dividend program has supported an average of $47 million in annual personal earnings and a total of 16,155 jobs, including 1,543 jobs supported by the 2020 dividend.
LWCC says the ability to make this distribution is due to policyholders and agents’ safety initiatives, which led to a low incident rate in 2020.
Rates for policyholders have decreased by 61.3% since inception, LWCC says. All payments are scheduled to be mailed on or before April 30.
Editor’s note: This story has updated since it was first published to clarify that policy rates have decreased by 61.3% since inception, not incident rates. Daily Report regrets the error.