Workforce (02/23/12) Roberto Ceniceros
Companies in New York state pay almost five times more in workers’ compensation insurance premium assessments than do companies in other states, according to a report by the Workers’ Compensation Policy Institute. Many states fund their workers’ compensation systems through surcharges on employers, but the average premium assessment among 32 states that impose them is 4.2%. In contrast, companies in New York state pay assessments totaling 20.2% of their premiums, according to the report, “Workers’ Compensation Assessments: The Hidden Tax Confronting Employers and Taxpayers.” Meanwhile, companies in Minnesota, the state with the next highest assessment, pay an 8.9% premium assessment.
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