Businesses, Organizations Across NY Celebrate Worker’s Comp Win
For far too long large companies, small businesses, schools, municipalities, not for profits, small farms, and any employer in New York State have been struggling to pay some of the highest workers compensation costs in the nation. This was causing our taxes to rise every year, and hurting our economy.
It was announced today that the New York Compensation Insurance Rating Board, a non-governmental rate service organization has submitted an overall workers’ compensation rate decrease of approximately 4.5%, which will save NY employers about $400 million this year in workers’ compensation premiums.
These cost savings and reduction in premium rates can be directly attributed to measures passed as part of the 2018 budget. Measures that were heavily advocated for by The Greater Binghamton Chamber of Commerce, Unshackle Upstate, the Business Council, NFIB, and many other pro-business partners from across the state.
Senator Fred Akshar said, “Today’s announced reductions in Workers’ Compensation costs are a victory for everyone fighting to make New York State a better place to do business. These initial savings will be a significant step in right direction for both employers and injured workers. I look forward to additional savings in the near future, as other components of the Workers’ Compensation reforms we fought for in this year’s State Budget begin taking affect. There’s more work to do, and I’m committed to meeting with stakeholders to make sure these savings come to fruition. At the end of the day, I’m encouraged to see tangible results come from the hard work put in by the 52nd District’s Business Advisory Council, statewide advocates and our staff in Albany.”
The Chamber would like to thank Senator Fred Akshar and the State Senate Republicans for leading the way in Workers’ Compensation reform, and all our local elected officials for making sure it was included in the budget. Without their efforts we would not have seen these cost savings in 2018!
We look forward to working with our partners in Broome County, across the State and in Albany to more progress towards making New York a better place to live and do business.