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Workers' Compensation Rates to Drop in New York, Employers Benefit

In what has been described as an effort to bring more businesses, and thus more jobs, to New York, Governor Cuomo and state-level legislators have recently approved a budget draft that will reduce workers’ compensation rates by 4.5%. This change is expected to save employers in the state an overall amount close to $400,000,000 that would have been paid out in insurance premiums to cover employees who get injured at work.

The New York Compensation Insurance Rating Board reviewed the budget draft to determine if the cuts would actually create the financial difference predicted. It found that some of the cost reductions come from implementing stricter limitations on temporary disability payments. Workers who require temporary disability payments generally collect the benefits for a week or a few weeks after suffering a non-life-changing workplace injury. Although such injuries are not as serious as a permanent disfigurement or lifelong affliction, they are certainly serious to those who suffer them, and cutting these benefit payments could prove to be a major detriment to many workers. Indeed, filings for temporary disability workers’ compensation benefits are usually the most common type of filing.

Governor Cuomo has stayed besides his decision to change the workers’ compensation system in New York, claiming it will be a boon for business overall. Heather Briccetti, the current president and CEO of The Business Council of New York State, has stated that protections for injured employees in New York will not be losing any of their workers’ compensation rights or benefits despite the approved changes. It is not known at this time just how much the average employee and worker will be impacted.

For more information about this ongoing story, you can click here to read a full article posted by Daily News. To retain the legal services of trusted New York City workers’ compensation attorneys, call 646.461.4009 or fill out an online contact form to speak to a Lurie, Ilchert, MacDonnell & Ryan LLP team member. We are staunch defenders of workers’ rights in New York and always go the extra mile to ensure our clients are treated with respect and get the compensation deserved. If this recent budget change does prove to be a detriment to workers in New York, you can be confident that our law firm will be there, stronger than ever, to protect you.