WC Rating Board: New Classification for Idled Employees
The New York Compensation Insurance Rating Board (NYCIRB) today announced that employers who are paying employees sidelined by the COVID-19 pandemic will pay a less-expensive rate for Workers' Compensation insurance. Big I New York had asked the NYCIRB to make this change. Many employers have taken advantage of the federal Paycheck Protection Program, which provides them with short term loans to cover payroll for two months during stay-at-home orders. Other employers are simply paying employees even though they are prohibited from operating. Workers' Compensation rating rules require premiums to be calculated based on the amount of the employer's payroll. While idled employees are still on…