This is a historic day for small businesses and working families in New York State. We have agreed to reform the state’s workers’ compensation system in an effort to make New York more attractive to business and revitalize the Upstate economy.

According to the National Council on Compensation Insurance, workers' compensation costs in New York are among the highest in the nation and 85 percent above the nationwide median.

Under these reforms, workers’ compensation rates will be reduced by at least 15 percent and benefits for injured workers will be increased for the first time in more than a decade.

These are smart reforms we must continue to make in order to reduce the cost of living and doing business in New York State. I look forward to working with our new governor to build on this positive momentum.