The rate that employers pay to the state workers’
\ncompensation system will drop again in 2015,
\nresulting in savings to all employers totaling $45
\nmillion, according to Gov. Andrew M. Cuomo.<\/p>\n
The savings are a direct result of the 2013 Business
\nRelief Act, which Cuomo signed into law last
\nyear. The governor said the assessment rate for
\nemployers has been cut by a total of 30 percent
\nover the last two years.<\/p>\n
“Reducing the cost of doing business in New
\nYork has been a top priority for this administration
\nand I’m proud to announce that our reforms
\nto the Workers’ Compensation System have lowered
\nrates for the second straight year,” Cuomo
\nsaid. “This is one more way we’re improving the
\neconomic climate in New York and making this
\nstate a place where businesses can grow, thrive
\nand create jobs.”
\nHe said the new assessment methodology
\nand other efficiencies implemented in 2014 resulted
\nin $170 million in administrative savings,
\nof which $18 million directly benefits New York’s
\npublic employers, like municipalities and school
\ndistricts. The savings has been applied to 2015,
\nresulting in the assessment rate falling to 13.2 percent from 13.8 percent, the second consecutive
\nannual decline.<\/p>\n
According to the governor’s office, the Business
\nRelief Act standardized and corrected the
\npreviously disjointed and antiquated assessment
\nprocess. Now, all employers are charged with the
\nsame methodology, leading to a lower assessment
\nrate for all New York’s employers.<\/p>\n
The Workers’ Compensation Board continuing
\nto enforce the legal requirement for employers to
\ncarry workers’ compensation insurance expands
\nthe pool of insureds.<\/p>\n
Officials said both the number of people
\nworking in New York state and the amount of
\nemployees’ total wages earned increased over the
\nlast 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. This
\nhas identified initial projects that will re-create
\na system that more effectively serves the needs
\nof injured workers and employers, resulting in
\nfurther savings for public and private employers
\nin 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":88,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[66,118],"yoast_head":"\r\n