Workers’ Compensation premium rates are being reduced in New York for the first time in four years.  The news came following an announcement from Governor Andrew Cuomo that New York businesses have been paying substantial surcharges to help the state repay a federal loan for unemployment costs.

The reduction will be a 1.2% decrease from current rates, which may not seem like much; however, this decrease takes the place of a planned 11.5% increase the Compensation Insurance Board originally planned to implement.  The decrease will become effective October 1st, 2012.

Governor Cuomo released a statement concerning the issue:  “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….  For years, the workers’ compensation system has been too costly for businesses and ineffective for injured workers.  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.”

The reforms included putting a cap on the number of years certain benefits will be paid out to claimants and new medical treatment guidelines.

If you have been injured while on the job, call the Ginarte Law Firm at 1-888-GINARTE or visit our website at www.Ginarte.com today. You may be entitled to money for your injuries. Put our 150 years of combined experience to work for you today!