We generally are pleased with the economy when it grows and income rises. Last year was no different. While income increased on average only a small percentage, our maximum compensation rate, which is tied to the state’s average income, rose with it.
The 2017 maximum compensation rate is $806.92. It is equal to the average weekly wage in this State for the preceding fiscal year and is set on January 1 of each year. Compensation rate is 66 2/3 % of average weekly wage, so any person making $1,210.32 or more in weekly earnings will be limited to $806.92.
In 2016, the maximum compensation rate was $784.03. So 2017 represents an increase of 3% in maximum compensation rate. To put that into prospective, from 2007 to 2017, the maximum compensation rate rose almost 25% over that ten year period. The increase in growth has been steady, so the rise in maximum compensation rate is likewise steady.