Update Applicable to:
All New York employers and multi-state businesses that have at least 1 employee in the State of New York.
Governor Hochul signed legislation which increased the benefits for workers compensation under New York law.
What do employers need to do?
Employers should prepare to comply by the new standards and beware of the possible risks that these recent changes may imply. Employers should consult their trusted employment attorney for legal advice if necessary.
What are the details?
The new legislation increases the minimum benefits for workers compensation to better protect workers who are injured and cannot work. The minimum benefits for permanent or temporary partial disability will see a phased increase.
Per the legislation, the minimum benefits for a permanent or temporary partial disability will increase as follows:
- 01/01/2024 — $275
- 01/01/2025 — $325
- 07/01/2026 — increased to one-fifth of the state average weekly wage.
The minimum benefit will rise from the current $150 rate to $275 for accidents or disablement from occupational disease claims occurring on or after January 1, 2024, followed by an uptick to $325 in 2025. Starting in 2026, it will culminate at one-fifth of the state’s average weekly wage, unless an employee’s wage is less than $250 per week, in which case employees will receive the full amount of their weekly wage.
This will significantly impact the worker’s compensation system, predominantly funded by employers.
For more information, please see the links below:
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