State Workers Compensation Insurance Fund: Who Pays and Who Benefits?

The State Workers Compensation Insurance Fund is a Californian insurer that was created to compensate workers through public enterprise fund. It was created by the Californian state authorities; however, now it enjoys considerable autonomy from the state government. According to law, its headquarters have to be maintained at San Francisco although it has established branches all over the state.

The State Workers Compensation Insurance Fund was established in 1913 as a way of introducing a system for compensation of workers. All its functions were enforced with the full backing of the laws of the state. The need for an insurance plan for workers was identified once it was noted that workers suffered after retirement due to a lack of a proper plan to look into their interests in terms of savings.

The assets held by State Workers Compensation Insurance Fund have been valued at $22 billion.The fund has a workforce of 8000 people. Each year, 23% of the work force gets compensated. It adjusts claims for more than 50% of all the workers who are registered members. The State Workers Compensation Insurance Fund has benefited California as whole in terms of the number of people who are covered every year. It has even been operating on a no-profit basis when handling claims by workers in private companies.

blog comments powered by Disqus