Workers’ compensation premium rates will decrease by 1.2 percent this year, the first reduction for employers since 2008, Gov. Andrew Cuomo said.
Benjamin Lawsky, superintendent of the Department of Financial Services, rejected a cost increase submitted by the New York Compensation Insurance Rating Board after a review determined it was unnecessary, state officials said Tuesday.
The increase was to take effect in October.
Instead, the state’s workers’ compensation board should adhere to measures included in the 2007 Workers’ Compensation Reform Law, which has now been fully implemented, officials in the administration said.
“To create jobs and get our state’s economy back on track, it is essential that New York’s businesses remain in a competitive position to succeed in the global marketplace,” Cuomo said in a statement.
“For years, the workers’ compensation system has been too costly for businesses and ineffective for injured workers,” he said. “With the new measures implemented by the state, and our continued work together with the business and labor communities, we will remain on track to create a system that works better for both employers and employees.”
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