New York, NY – July 16, 2015 – The New York State Department of Financial Services (DFS) has approved a 5.9% increase in workers’ compensation premiums. The DFS approval is consistent with improving economic conditions in New York State and stable workers’ compensation claim costs.
An employer’s workers’ compensation costs depend largely on payroll, although industry type and loss history also play a role. Last month, the New York State Department of Labor's Research and Statistics Division announced that the New York State Average Weekly Wage for 2014 was $1,266.44, a 4.3% increase over the 2013 figure of $1,212.98. Today, the Department of Labor announced that New York’s private sector job count has reached an all-time high, while unemployment is at its lowest level in eight years.
“It is clear that the DFS approval of a small increase in workers’ compensation premiums is consistent with the improved economic conditions reflected in more jobs, increased wages, and less unemployment,” said Robert Grey, chair of the New York Workers’ Compensation Alliance. “It also demonstrates that there has been no increase in workers’ compensation claim costs, which remain stable as previously reported by the WCA.”
A letter confirming the 5.9% increase can be found here: http://go.nycirb.org/tr_rcb/rcb/rc2395.pdf
The Department of Labor reports can be found here: http://labor.ny.gov/stats/pressreleases/pruistat.shtmhttp://www.labor.ny.gov/stats/avg_wkly_wage.shtm The WCA report on workers’ compensation costs can be found here: http://www.nyworkerscompensationalliance.org/pdf/CostsWhitePaper.pdf