The rate that employers pay to the state
\nworkers’ compensation system will drop
\nagain in 2015, resulting in savings to all
\nemployers totaling $45 million, according to
\nGov. Andrew M. Cuomo.<\/p>\n
The savings are a direct result of the 2013
\nBusiness Relief Act, which Cuomo signed
\ninto law last year. The governor said the assessment
\nrate for employers has been cut by
\na total of 30 percent over the last two years.<\/p>\n
“Reducing the cost of doing business in
\nNew York has been a top priority for this
\nadministration and I’m proud to announce
\nthat our reforms to the Workers’ Compensation
\nSystem have lowered rates for the second
\nstraight year,” Cuomo said.<\/p>\n
“This is one more
\nway we’re improving the economic climate in
\nNew York and making this state a place where
\nbusinesses can grow, thrive and create jobs.”<\/p>\n
He said the new assessment methodology
\nand other efficiencies implemented in 2014
\nresulted in $170 million in administrative
\nsavings, of which $18 million directly benefits
\nNew York’s public employers, like municipalities
\nand school districts. The savings has been
\napplied to 2015, resulting in the assessment
\nrate falling to 13.2 percent from 13.8 percent,
\nthe second consecutive annual decline.<\/p>\n
According to the governor’s office, the
\nBusiness Relief Act standardized and corrected
\nthe previously disjointed and antiquated
\nassessment process. Now, all employers are
\ncharged with the same methodology, leading
\nto a lower assessment rate for all New York’s
\nemployers.<\/p>\n
The Workers’ Compensation Board is continuing
\nto enforce the legal requirement for
\nemployers to carry workers’ compensation
\ninsurance expands the pool of insureds.
\nOfficials said both the number of people
\nworking in New York state and the amount of
\nemployees’ total wages earned increased over
\nthe last year, contributing to the lower rate.<\/p>\n
The Workers’ Compensation Board is in the
\nmidst of a comprehensive “business process
\nre-engineering” to re-imagine the workers’
\ncompensation system, state officials said.
\nThis has identified initial projects that will recreate
\na system that more effectively serves
\nthe needs of injured workers and employers,
\nresulting in further savings for public and
\nprivate employers in the time to come.<\/p>\n","protected":false},"excerpt":{"rendered":"
The rate that employers pay to the state workers’ compensation system will drop again in 2015, resulting in savings to all employers totaling $45 million, according to Gov. Andrew M. Cuomo. The savings are a direct result of the…<\/p>\n","protected":false},"author":121,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[57,102],"class_list":["post-16012","post","type-post","status-publish","format-standard","hentry","category-business-news","tag-business-news","tag-ny-state"],"yoast_head":"\r\n