Monthly Archives: April 2021

​The New York State Workers Compensation Board has announced that the maximum weekly Workers Comp benefit will increase in July. The new maximum weekly benefit will be $1,063.05. Under New York Workers' Compensation Law, the maximum weekly disability benefit must be adjusted every year on July 1 to equal two-thirds of the statewide average weekly wage. According to the announcement, the New York State Department of Labor recently reported to the state Department of Financial Services that the average weekly wage in 2020 was $1,594.57.The new maximum applies to workers' compensation claims with dates of injury during the period from July 1, 2021, through June 30, 2022. The current…

​The New York Compensation Insurance Rating Board has announced the new construction payroll limitation for 2021. Effective July 1, 2021, insurers can apply a maximum of $1,594.57 per week for payroll when calculating Workers' Compensation insurance premiums.New York insurance law limits the amount of payroll that insurers may apply when determining Workers' Comp premiums for employers in the construction industry. The limitation is a function of the state's average weekly wage and must be reset every year on July 1. The previous limitation was $1,450.17.Source