Assessment Rate to Decrease by 6%

The workers’ compensation assessment rate will decrease by 6% in 2024 saving New York employers more than $50 million, according to a statement from the Workers’ Compensation Board. The board on Wednesday said the 2024 assessment rate will be 9.2%. The assessment rate for 2023 was 9.8%. Assessment rates are determined by the Workers’ Compensation Board’s need and the budgeted statewide premium. The rate is calculated by dividing the board’s total estimated annual expenses by the total estimated statewide premium.  The board said the lower assessment is exp...