The rates for workers compensation insurance have decreased 20.5 percent for the 2007-2008 fiscal year, as part of a legislative measure that will save New York businesses about $1 million and put more money in the pockets of injured employees, according to Assemblyman Jeffrey Dinowitz.
This rate drop is part of the 2007 Workers Compensation Reform Act, which, with the support of the Bronx lawmaker, lowered the cost of workers compensation insurance and increased weekly payments to workers as of July 15.
Dinowitz stresses the benefits to both companies and their employees.
“This is another monumental change aimed at reducing the cost of doing business in New York,” he said. “It will help existing firms prosper and eliminate another obstacle that often deters new businesses from setting up shop in our state. The 2007 Workers Compensation Reform Act was a win-win for businesses and working New Yorkers.”
In addition, the Act limits the number of years that partial disability claimants can continue to receive payments, creates programs for prompt treatment and return to employment, and institutes anti-fraud measures.
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Welcome to the Norwood News, a bi-weekly community newspaper that primarily serves the northwest Bronx communities of Norwood, Bedford Park, Fordham and University Heights. Through our Breaking Bronx blog, we focus on news and information for those neighborhoods, but aim to cover as much Bronx-related news as possible. Founded in 1988 by Mosholu Preservation Corporation, a not-for-profit affiliate of Montefiore Medical Center, the Norwood News began as a monthly and grew to a bi-weekly in 1994. In September 2003 the paper expanded to cover University Heights and now covers all the neighborhoods of Community District 7. The Norwood News exists to foster communication among citizens and organizations and to be a tool for neighborhood development efforts. The Norwood News runs the Bronx Youth Journalism Heard, a journalism training program for Bronx high school students. As you navigate this website, please let us know if you discover any glitches or if you have any suggestions. We’d love to hear from you. You can send e-mails to norwoodnews@norwoodnews.org or call us anytime (718) 324-4998.