New York state employers will see a reduction in workers’ compensation premium rates for the first time in 4 years, Governor Andrew M. Cuomo recently announced.
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Get Your Report Now!Rates to policyholders will actually see a decrease of 1.2 percent, the first reduction in rates since 2008. The governor also announced that the last measures of the 2007 Workers’ Compensation Reform Law, which secured necessary benefit increases for injured workers and cost reductions for businesses, have now been fully implemented by the state. The rate reduction and the expedited implementation of the reforms are a result of efforts to modernize, improve efficiency, and decrease waste in the workers’ compensation system, according to a press release from the Governor’s Office.
Governor Cuomo said, “For years, the workers’ compensation system has been too costly for businesses and ineffective for injured workers. With the new measures implemented by the state, and our continued work together with the business and labor communities, we will remain on track to create a system that works better for both employers and employees.”