New York comp assessment rate to drop 22%
- August 21, 2025
- Posted by: Web workers
- Category: Workers Comp
New York Gov. Kathy Hochul announced that a 22% drop in the workers compensation assessment rate is projected to save state employers about $191 million in 2025.
Effective Jan. 1, the assessment rate will be 7.1% of the standard premium or premium equivalent. The assessment rate was 9.2% for 2024 and 9.8% in 2023.
The assessment rate is determined by the New York State Workers’ Compensation Board’s need and the budgeted statewide premium. The rate is calculated by dividing the board’s total estimated annual expenses by the total estimated statewide premium.
The governor said the assessment rate has steadily declined in recent years “largely due to prudent management in accelerating the runoff of special workers compensation liabilities — known as special funds — which are funded by the assessments.”
The rate has decreased each year since at least 2019. The 2025 rate of 7.1% is more than 40% lower than the 12.6% rate in 2019.
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