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July 1, 2014 Marks Annual Increase in Weekly Rate of Compensation

July 1, 2012 Marks Annual Increase in Weekly Rate of CompensationWorkers injured on or after July 1st, 2014 who were making $1212.98 or more gross per week are now entitled to a maximum rate of compensation of $808.65 per week.

This annual increase is the result of extensive negotiations and pressure from the claimant’s bar on the legislature in Albany, New York. The increase means that the maximum rate of compensation for claims has more than doubled since July 1st, 2007.

Your weekly rate of New York workers’ compensation is derived from your gross, or pre-tax earnings. An injured worker is entitled to claim 2/3 of that “average weekly wage,” subject to a maximum rate depending on the date of the accident.

These recent and substantial changes to Workers’ Compensation Law will take effect on July 1st. The rate of compensation will depend upon on the average weekly wage for workers in New York State for accidents on or after July 1st of that year.

So what does this change mean to you? Aside from an increase in the weekly rate by more than 100%, it also means that cash awards have doubled. For instance, a cash award that was once worth only $7500 is now worth over $15,000!