SPRINGFIELD, ILÂ â€“ Illinois State Senator Kwame Raoul (D-Chicago 13th) issued the following statement on the National Council for Compensation Insuranceâ€™s request for a 4.5 percent reduction in workersâ€™ compensation insurance premium rates for Illinois businesses:
Two years ago, Rep. John Bradley and I brought lawmakers, labor and the business community together to negotiate a solution to an exceedingly complex and divisive problem: the high workersâ€™ compensation premiums that were hampering the stateâ€™s economic growth and job creation.
Today, Illinois businesses have already saved $315 million in premiums. Now, with an additional 4.5 percent reduction on the horizon, they stand poised to save $110 million more, with an overall 13.3 percent drop in rates since the reforms were implemented. The outlook is promising for further savings and an even better Illinois business climate.
The continued success of workersâ€™ comp reforms demonstrates that thereâ€™s no substitute for sitting down at the negotiating table, taking each otherâ€™s concerns seriously and doing the hard work of hammering out an effective compromise.