The Nevada Workers’ Compensation Section announced that the maximum monthly benefit increased 5.5% at the start of July because of an increase in the state’s average weekly wage.
The average weekly wage increased to $1,125.45 from $1,066.64 in 2021. The average monthly wage — equal to 150% of the weekly wage multiplied by 4.33 — increased to $7,309.80 from $6,927.83.
With workers comp benefits capped at two-thirds of the average monthly wage, the maximum benefit for fiscal year 2023 is $4,873.20 per month.
If the earned wage on the date of injury was less than $7,309.80 per month, compensation is two-thirds of the actual earned wage.
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Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.