Employers to Save $400 Million Under New Workers' Compensation Reforms
On Monday, Governor Cuomo announced that the New York Compensation Insurance Rating Board (CIRB) has submitted an overall workers’ compensation rate decrease of approximately 4.5 percent, which will save New York employers around $400 million this year in workers’ compensation premiums. The CIRB attributed the reduction in premium rates to the reforms included in the 2017-18 State Budget and general system savings spearheaded by the New York State Workers' Compensation Board.
Per the Governor’s statement, the new workers’ compensation reforms – which include swift access to hearings for injured workers not receiving benefits, relief for first responders exposed to extraordinary stress at work, and the formation of a prescription drug formulary – will help businesses cut costs, “enabling them to further reinvest, grow, and create more jobs across the state.” With the 4.5 percent rate reduction, “New York is providing real savings to businesses, helping to make them more competitive, while strengthening protections for injured workers at companies across the state.”
If approved by the Department of Financial Services (DFS), the rates will become effective on Oct. 1, 2017. Click here for more information.