Governor Andrew Cuomo offered budgetary information for the 2013-2014 years which includes an increase in workers compensation benefits along with a reform of the compensation’s system.
The governor included reforms which would reduce costs in compensation by combining 14 different state assessment invoices workers compensation payers are footing the bill for as well as closing a Reopened Case Fund which are assessed on compensation payers. These reforms are believed to offer $900 million in savings for compensation payers and for employers.
Governor Cuomo also proposed a rise in the weekly minimum benefit pay given to injured workers. The amount is currently set at $100 but Cuomo is looking to increase that amount to $150.
The American Insurance Association is being supportive of these reform actions. They believe these reforms are an important step towards bettering the overall workers compensation system in New York and the end result will save businesses in New York more money.