This session was one of seven focusing on national trends on the workers’ compensation market. Some of the reasons for an older workforce are “that many workers are impacted by changes in their retirement systems because the systems provide them with less money-even as amounts needed for retirement have increased because of gains in life expectancy.”
Interestingly “younger workers have been dropping out of the labor force, even as those in their fifties and sixties have continued to work.” In general older workers are injured less frequently but when they are injured their claims come with higher costs because thir salaries are higher and longer recuperation times.
An odd discrepancy arose when Shuford talked about a figure “he could not quite explain - the medical cost for the 25-and-under age bracket has risen 10 percent a year, compared with 7 percent in the 35-to-54-year-old category.” The younger workers are causing too much trouble on the job and injuring themselves I suppose.
Comment Preview