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The number of workers covered by workers’ compensation in New York increased 1.4 percent from 2010 to 2011, while covered wages increased 3.9 percent during the same time period, a new report from the National Academy of Social Insurance shows.
“Workers’ Compensation: Benefits, Coverage, and Costs, 2011” shows the number of workers covered by the insurance rose from 8.2 million in 2010 to 8.31 million in 2011, while the wages covered increased from $492.98 billion to $512.32 billion.
New York ranked 16th among the 50 states and District of Columbia in terms of percentage growth in its number of covered workers from 2010 to 2011, and all states showed increases in the number of covered workers and dollars of covered wages in 2011, the report shows.
Statewide, total workers' compensation benefits amounted to $5.1 billion in 2011, up nearly 11 percent from $4.61 billion in 2010. New York had the third-largest increase in benefits, behind Virginia and Iowa, in 2011.
Overall, workers' compensation programs paid $60.2 billion in benefits in 2011, an increase of 3.5 percent from $58.2 billion in 2010.
The cost to employers in New York rose from $1.17 per $100 of covered payroll to $1.28 per $100 of payroll, ranking the state fifth in terms of dollar amount change. Wisconsin ranked first, having an increase of 14 cents per $100 of covered payroll from 2010 to 2011.
Costs to employers nationwide rose by 7.1 percent in 2011, to $77.1 billion.
The report suggests that the increase in workers' compensation costs and coverage reflect, in part, the economic recovery and its positive employment and wage growth. Some 125.83 million workers were covered by workers' compensation benefits in 2011, compared with 124.45 million in 2010.
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