Massachusetts businesses get break on worker comp costs
BOSTON (AP) — Massachusetts businesses are getting a break on worker compensation costs for the new fiscal year.
Gov. Charlie Baker has announced that his administration will reduce the assessment that employers pay to the state on workers’ compensation insurance policies by .05 percent.
Baker said the change will help give companies a bit of tax relief.
For the 2016 fiscal year — which began July 1 — employers will pay an assessment on their total insurance premium of 5.75 percent, which is paid to the state.
The previous rate was 5.8 percent.
The Massachusetts Workers’ Compensation system helps ensure workers are protected by insurance if they are injured on the job or develop a work-related illness.
The state Department of Industrial Accidents administers the workers’ compensation insurance system.