New York officials say they are lowering the rates that employers must pay for workers’ compensation premiums by 1.2 percent.
According to the administration of New York Governor Andrew Cuomo, it is the first reduction in such premiums in four years.
While the New York Compensation Insurance Rating Board, a non-governmental group, recommended an increase in premiums, administration officials say their review showed that an increase was not necessary.
The Department of Financial Services says its decision was due in part to recent reforms.
Changes include capping the number of years that certain benefits are paid, instituting medical treatment guidelines and improving the calculation of loss-of-wage earning capacity.
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