New York employers will pay 22% less in the annual assessment to run the state’s workers’ compensation system in 2025.
The rate assessed on standard premiums will be 7.1% beginning January 1, 2025, down from 9.2% in 2024.
The Hochul Administration said the reduction will save employers $191 million.
The New York Workers’ Compensation Board establishes an assessment rate for all employers based on its estimated annual expenses. Insurers are required to apply the assessment rate to their premium.
The assessment supports several special funds including one that compensates volunteers who were injured or disabled during the World Trade Center rescue, recovery, or clean-up; one that reimburses insurers for certain claims for permanently partially disabled persons; and one that pays benefits for old claims that are reopened.
The assessment rate has been steadily declining in recent years, largely due to an accelerating runoff of special fund liabilities. It has gone down more than 40% since 2019, when the assessment rate was 12.6%.
The board works to protects the rights of both employees and employers by ensuring the proper administration of workers’ compensation, disability and paid family leave benefits and by promoting compliance with the law. Its duties include hearing claims disputes, assessing penalties and administering the special funds. It maintains nine offices across the state.
Topics New York Workers' Compensation Talent
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