On June 13, 2018, Florida Chief Financial Officer (CFO) Jimmy Patronis announced additional workers’ compensation cost reductions that will save carriers an estimated nearly $20 million in 2019, allowing carriers to help further alleviate costs on Florida businesses. These reductions are a direct result of the sound financial management of the Workers’ Compensation Administration Trust Fund (WCATF) and the Special Disability Trust Fund (SDTF), two funds that workers’ compensation carriers contribute to.
CFO Jimmy Patronis said, “Just last month, we announced that a 1.8 percent decrease in workers’ compensation rates could mean a $79.5 million savings for Florida businesses. Reducing the cost of doing business for workers’ compensation carriers by $20 million means additional savings could be passed on to Florida businesses, easing financial burdens. Anytime we can reduce the cost of doing business we should. Doing so supports our neighborhood businesses and ultimately, both our local and state economy.”