Oklahoma gets new workers' comp system
On May 6, Oklahoma Governor Mary Fallin signed Senate Bill 1062 and made it into a law. According to The Oklahoman, the legislation will change the state's workers compensation system and save companies money on payroll. On the new program, businesses can choose an alternative to the traditional compensation as long as they still provide an injured employee with equivalent benefits.
According to Business Insurance, permanent and temporary total disability benefits will be decreased, and benefits durations will also be shortened. With this new measure, Oklahoma joins Texas as the only two states that allow employers to opt out of the traditional state workers' comp system.
The advantages of this law are a topic of debate in the Oklahoma government. Many Democrats oppose the bill because they believe it will unfairly reduce injured workers' benefits, The Oklahoman reported. On the other hand, Governor Fallin argues that employees will still be treated fairly and the measure will save businesses money. According to Business Insurance, the system is expected to cut workers' comp costs by $125 million a year.
While claims under the new legislation will be accepted starting February 1, the rest of the bill won't be implemented until late August.
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