December 15, 2017

NYSIF Issues Update on Weekly Benefit Rate, Elimination of WCB Fees

Albany, NY – In an effort to promote small business growth in New York, Governor Andrew M. Cuomo announced the elimination of a number of Workers’ Compensation Board fees as a part of the 2015-16 State Budget. According to the Board, the elimination of these fees will save an estimated $95,000 to individuals and businesses in New York. Across all affected agencies, the total annual savings is expected to be $3 million, the Board said.

See Workers’ Compensation Board fees eliminated effective April 1, 2015.

New Maximum Weekly Benefit Rate Effective July 1, 2015
The Board also updated the maximum weekly benefit rate for workers’ compensation claimants.

Since July 1, 2010, the maximum weekly benefit rate for workers’ compensation claimants has been two-thirds of the New York State average weekly wage for the previous calendar year, as determined by the New York State Department of Labor (Workers’ Compensation Law §§ 2(16);15(6)).

The Department of Labor reported to the superintendent of the Department of Financial Services that the New York State average weekly wage for 2014 was $1,266.44. Accordingly, for workers’ compensation claims with dates of accident or dates of disablement during the period from July 1, 2015 through June 30, 2016, the maximum weekly benefit rate will be $844.29.

Source: NYSIF

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