New York comp assessment rate drops in 2024
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The New York State Workers’ Compensation Board announced this week a reduction in the annual workers comp assessment rate, which is projected to save employers around $53 million in 2024.
The new rate was announced on Wednesday by the office of Gov. Kathy Hochul and is expected to benefit more than 400,000 small businesses statewide.
The chair of the comp board establishes a new assessment rate for all employers every November. It goes into effect in January.
The 2024 rate will be 9.2% of the standard premium or premium equivalent and marks a 6% decrease from 2023, according to Gov. Hochul’s office.
Clarissa Rodriguez, chair of the workers comp board, said in a statement that the reduced assessment rate would, along with a recently announced minimum benefits increase for employees, create a “workers comp system that’s better for workers and better for business.”
