The New York State Insurance Fund (NYSIF) is returning $585 million to New York employers, money that was accrued through dividends and premium returns from the state's wokers' compensation insurer. Each year the fund returns cash to businesses that prioritize worker safety protocols and 'exhibit strong safety record", according to a release from Governor Kathy Hochul.
The majority of the NYSIF policyholders are small- and mid-sized businesses in every region of the state, the release said.
“New York’s small businesses are the engine behind our economy and our state’s largest employers, and my administration is proud to provide these much-needed savings to companies in every industry that are joining our mission to keep workers safe,” Governor Hochul said via the press release.
The Business Council of New York State "appreciated" the efforts of NYSIF to give funds back to businesses that continue to struggle in the current economy.
"As the state’s leading advocacy group, we applaud the continuing efforts of employers who are keeping workers safe and reducing workplace injuries. We commend Governor Hochul for working to keep workers' compensation rates from increasing for all employers and her ongoing commitment to businesses," said Heather Mulligan, President & CEO, The Business Council of New York State.