Employers Save $45 Million on New York Workers' Compensation CostsMonday, November 3, 2014
Gov. Andrew Cuomo has announced that employer costs for New York workers’ compensation in New York State will be reduced by a whopping $45 million in 2015. This was done by lowering the cost to run the New York State Workers’ Compensation Board.
The reduction in New York workers’ compensation costs to business was accomplished without cutting benefits to seriously injured workers. This is a win-win for employers and workers!
“Reducing the cost of doing business in New York has been a top priority for this administration and I’m proud to announce that our reforms to the workers’ compensation system have lowered rates [to employers] for the second straight year.”, Cuomo said in a press release.
Cuomo said administrative cost savings in 2014 amounted to $170 million under his administration. Cities, counties, towns, villages and school districts saved over $18 million.
The New York Workers’ Compensation Lawyers at Turley, Redmond and Rosasco applaud Governor Cuomo for saving money for New York employers without hurting injured workers. Please remember his efforts when you go to the polls on Election Day tomorrow.