Governor Kathy Hochul announced the rate goes into effect on January 1, 2024.
Employers pay an annual assessment to operate the New York State workers’ compensation system, which provides critical benefits to workers who are injured or become ill because of their job, while protecting employers from costly lawsuits. The projected savings will reduce the current assessment costs for all New York State employers, which will be especially helpful to more than 400,000 small businesses across the state.
The Chair of the New York State Workers’ Compensation Board establishes an assessment rate for all employers by November 1 of each year, to be effective January 1 of the subsequent calendar year. For 2024, the rate will be 9.2% of the standard premium or premium equivalent, a 6% decrease from 2023, which is expected to save New York State businesses approximately $53 million.
The assessment rates are determined by the Workers’ Compensation Board’s need and budgeted statewide premium. The rate is calculated by dividing the Board’s total estimated annual expenses by a base of total estimated statewide premium. Insurers are required to apply the assessment rate to their premium or premium equivalent.
More information about the 2024 assessment rate, and other information for employers related to workers’ compensation, is available on the NYS Workers’ Compensation Board’s website at wcb.ny.gov.