The Cuomo administration says employers should save $1.2 billion from changes to New York’s worker’s compensation and unemployment insurance programs.
The measures, part of the recently passed state budget, raise the minimum worker’s comp benefit from $100 to $150.
They establish one method for collecting annual employer assessments while closing the fund for reopened cases and eliminating business payments into it.
A bonding program is meant to help 10,000 businesses saddled with an estimated $850 million in liabilities from insolvent trusts.
For unemployment insurance, officials say the changes should enable employers to pay off their $3.5 billion debt to the federal government by 2016, two years earlier than planned.
In October 2014, the maximum weekly unemployment benefit rate rises from $405 to $420, the minimum from $64 to $100.