The size of the business, the industry, and the employer’s claims history all affect the cost of workers compensation insurance in Montana. Since Montana is a monopolistic state, it is the only one offering workers compensation insurance. Therefore, employers in Montana are required to get workers’ compensation insurance from the state fund. The Montana State Fund bases rates on the classification of the employer’s industry, payroll, and claims history.
For the majority of industries in Montana, workers compensation rates per $100 of payroll range from $0.93 to $15.88. Rates are highest in occupations like logging and construction where there is a larger danger of harm. Rates are lower in sectors like administrative and support services that have a lower risk of injury. What Does Workers Compensation Under Monopolistic Conditions Mean?
The only source of workers compensation insurance in a monopolistic state like Montana is the state fund. Therefore, companies are unable to buy workers’ compensation insurance from private insurers. The state fund is in charge of managing the workers’ compensation system, which includes handling payments for claims and establishing rates.
With a minimum salary of $13.50 per hour in 2020, Washington will have the highest minimum wage. Following this are California and Massachusetts, both of which have a $12 per hour minimum wage. Is the $15 minimum wage applicable only to federal employees?
Not only federal employees are subject to the $15 minimum wage. Several states, including California, Illinois, New Jersey, and New York, have embraced the $15 minimum wage. Additionally, a $15 minimum wage has been established by numerous counties and localities. Which States Offer the Best Jobs in Terms of Pay?
With an average pay of $82,190 as of 2020, California has the highest average yearly wage. Massachusetts comes in second with an average pay of $80,420, followed by New York with a salary of $79,640. It’s important to keep in mind, too, that these states also have greater living expenses than other regions of the nation.
In conclusion, firms in Montana are required to have workers compensation insurance, and premiums are set by the state fund depending on a number of variables. Because Montana is a monopoly workers’ compensation state, the only source of workers’ compensation insurance is the state fund. Washington will have the highest minimum pay in 2020, while California will have the highest average wage.