DWC Sets Weekly Benefit Rates and Discount/Interest Rate

DWC has set the state’s average weekly wage at $1,333.88 for dates of injury starting October 1, 2023, through September 30, 2024. Minimum and maximum benefits rates for that time period will be as follows:

TIBs max:       $1,174.00
TIBs min:        $176.00
IIBs max:        $822.00
IIBs min:         $176.00
SIBs max:        $822.00
SIBs min:        N/A
LIBs max:       $1,174.00
LIBs min:        $176.00
DBs max:        $1,174.00
DBs min:         N/A

DWC has determined that any interest or discount provided for in the Texas Labor Code shall be at the rate of 8.94 percent. The rate is effective October 1, 2023, through December 31, 2023. The interest or discount rate is applicable under the following provisions of the Texas Labor Code:

• • • Section 403.007. Funding of Subsequent Injury Fund
    • Section 408.064. Interest on Accrued Benefits
    • Section 408.129. Acceleration of Impairment Income Benefits
    • Section 413.019. Interest Earned for Delayed Payment, Refund, or Overpayment (Re: Medical Services and Fees)
    • Section 415.008. Fraudulently Obtaining or Denying Benefits; Administrative Violation.

The FOL website provides calculators for assistance in determining benefits and interest owed.  Please go to www.fol.com and click on the “Resource Center”, then enter your password.  Should you have any questions about the applicability of the maximum or minimum compensation rates, interest or the discount rate, please reach out to us at gqs@fol.com.