November 1, 2023
Albany, NY

Governor Hochul Announces Workers’ Compensation Assessment Rate Decrease for 2024, Creating More Than $50 Million in Potential Savings for New York Employers

Governor Hochul Announces Workers’ Compensation Assessment Rate Decrease for 2024, Creating More Than $50 Million in Potential Savings for New York Employers

Workers’ Compensation Assessment Rate Will Decrease By 6 Percent in 2024, Resulting in Major Savings for More Than 400,000 Small Businesses Across the State

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Governor Kathy Hochul today announced that New York employers are expected to save more than $50 million dollars in 2024 due to a reduction in the annual workers’ compensation assessment rate, which was set today and goes into effect on January 1, 2024. Employers pay an annual assessment to operate the New York State workers’ compensation system, which provides critical benefits to workers who are injured or become ill because of their job, while protecting employers from costly lawsuits. The projected savings will reduce the current assessment costs for all New York State employers, which will be especially helpful to more than 400,000 small businesses across the state.

“As New York employers continue to grapple with rising costs and inflation, this assessment rate decrease will translate to meaningful savings for small businesses and keep hard-earned money in New Yorkers’ pockets,” Governor Hochul said. “Our small business community provides critical jobs, drives our local economy, and makes neighborhoods across the state more vibrant and more dynamic, and my administration remains committed to making New York the most business-friendly and worker-friendly state in the nation by maintaining vital benefits like workers’ compensation while helping businesses keep costs down.”

The Chair of the New York State Workers' Compensation Board establishes an assessment rate for all employers by November 1 of each year, to be effective January 1 of the subsequent calendar year. For 2024, the rate will be 9.2 percent of the standard premium or premium equivalent, a 6 percent decrease from 2023, which is expected to save New York State businesses approximately $53 million.

Workers’ Compensation Board Chair Clarissa Rodriguez said, “The Board is proud to stand with the Governor in supporting New York’s businesses and their employees. With today’s announcement on lower costs for employers, and the recently announced increase in minimum benefits for employees, we’re making steady progress in creating a workers’ comp system that’s better for workers and better for business.”

The assessment rates are determined by the Workers’ Compensation Board’s need and budgeted statewide premium. The rate is calculated by dividing the Board’s total estimated annual expenses by a base of total estimated statewide premium. Insurers are required to apply the assessment rate to their premium or premium equivalent.

More information about the 2024 assessment rate, and other information for employers related to workers’ compensation, is available on the NYS Workers’ Compensation Board’s website at

Contact the Governor’s Press Office

Contact us by phone:

Albany: (518) 474-8418
New York City: (212) 681-4640


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