Abstract: The New York State Workers' Compensation Board has announced that the state assessment rate for calendar year 2025 will be 7.1%.
Body:
The New York State Workers’ Compensation Board has announced that the state assessment rate for calendar year 2025 will be 7.1%. It applies to of the standard premium or premium equivalent. For example, if the standard premium is $10,000, the amount of the assessment is $710. The assessment rate for calendar year 2024 is 9.2%.
By law, the assessment is assessed on all Workers’ Compensation insurance policies issued to New York employers to pay for the Board’s expenses. The new rate takes effect January 1, 2025.
Category: Ask Tim; Industry News
Published: 12/11/2024 1:21 PM
Author: Tim Dodge
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