Changes to New York State’s workers’ compensation program are expected to save employers upwards of $1 billion moving forward. The New York State Department of Financial Services recently approved a nearly 12 percent reduction in loss cost rates – a key component of determining insurance premiums. This significant reduction is a direct result of critical workers’ compensation reform included in last year’s state budget.
The Buffalo Niagara Partnership detailed our state budget priorities in front of 200 people at our annual Legislative Luncheon. Our members and many members of the Western New York legislative delegation came together for lunch and conversation at the Marriott in Amherst. The Partnership detailed where we stand on Governor Cuomo’s Executive Budget proposal – specifically what we support, what we oppose and what we think is missing.
In putting together our annual Advocacy Agenda, we survey our membership to gauge their pain points and areas of concern. Each year, our members continue to identify high taxes and escalating labor costs as their largest barriers to success. Those results are not surprising. Buffalo Niagara employers operate in one of the most highly taxes and overly regulated economic environments anywhere in the country.