New York workers comp assessment rate dropping in 2015

New York's workers compensation assessment rate will drop to 13.2% as of 2015, Gov. Andrew Cuomo said.

The rate employers pay New York's workers comp system is dropping from 13.8%, saving employers a total of $45 million, the governor's office said Friday in a statement.

The savings are a result of the Business Relief Act, signed into law last year by Gov. Cuomo, which has caused the assessment rate to fall 30% in the past two years, according to the statement.

“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 for the second straight year,” Gov. Cuomo said in the statement.

The new assessment rate of 13.2% will take effect Jan. 1, a spokesman for the governor's office said Monday.