Hochul touts New Year savings for businesses, benefits for employees

The New Year will bring a lowering of the New York workers’ compensation assessment rate by 22%, resulting in savings for more than 400,000 small businesses in the state, according to Gov. Kathy Hochul. At the same time, she points out that workers stand to benefit from an increase in the state’s paid family leave maximum weekly benefit and the workers’ compensation minimum weekly benefit.

Bạn đang xem: Hochul touts New Year savings for businesses, benefits for employees

Xem thêm : Dogecoin’s Remarkable Surge: Large Transaction Volume Spikes 41% as Network Activity Intensifies

“Hardworking New Yorkers shouldn’t have to worry about how they’ll buy food or pay rent when they need time off to care for a new child or family member with a serious health condition, or get injured on the job. Likewise, business owners who have their own bills to pay and families to support also need affordable solutions,” Hochul said.

Starting Jan. 1, 2025, New Yorkers taking Paid Family Leave may receive up to $14,127.84 in total benefits – an increase of more than $300 from 2024. Employees taking Paid Family Leave receive 67% of their average weekly wage, up to a cap of 67% of the current New York State Average Weekly Wage, which is $1,757.19 for 2025.

Employees will contribute 0.388% of their gross wages per pay period to pay for Paid Family Leave in 2025, with a maximum annual contribution of $354.53.

Xem thêm : Money hack to save $5,765 this year and turn it into $1.5 million: ‘Huge difference’

Starting Jan. 1, 2025, the minimum workers’ compensation weekly benefit will increase to $325 per week. That’s up from $275 per week in 2024.

As of Jan. 1, 2025, the workers’ compensation assessment rate for employers will be 7.1% of the standard premium or premium equivalent – a 22% decrease from 2024 – which is expected to save New York state businesses approximately $191 million.

The assessment rate has been steadily declining in recent years. The 2025 rate of 7.1% reflects a decrease of more than 43% since 2019, when the assessment rate was 12.6%.