Assessment Rate to Drop 22%

New York Gov. Kathy Hochul announced that a 22% drop in the workers' compensation assessment rate is projected to save state employers about $191 million in 2025. Effective Jan. 1, the assessment rate will be 7.1% of the standard premium or premium equivalent. The assessment rate was 9.2% for 2024 and 9.8% in 2023. The assessment rate is determined by the New York State 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 govern...