New Year, Important Changes for NY’s Small Businesses

 

As the the calendar flipped to 2014, many important changes went into effect.  Is your small business up to date?

Minimum Wage
On December 31, 2013, the minimum wage in New York State increased to $8.00. For most employees, overtime must be paid for any hours over 40 in a week at a rate of 1 ½ times the hourly rate. All employers must display a minimum wage poster in their workplace.

Unemployment Insurance
Important changes in Unemployment Insurance also went into effect on January 1, 2014. These changes include expanded work search requirements for claimants, an adjusted wage base for employer contribution rates, limits on dismissal/severance pay and increased earnings requirements in order for claimants to qualify or re-qualify for benefits.

Workers Compensation
January 1, 2014 also brought significant changes to the Workers Compensation system. Multiple assessments will now be combined into one bill and the Re-Opened Case Fund will be closed to new claims on January 1, 2014. These changes are expected to lower costs of assessments in 2014 by 25% and save all New York State employers over $300 million.

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About Mike Durant

Mike Durant was named New York State Director of NFIB in May 2011. Prior to joining NFIB as the Assistant State Director in May 2010, Durant began his career in the New York Senate working in the Office of Member Services. From there, he served in a number of positions during former New York Governor George E. Pataki’s administration. As a Research Specialist in the New York State Office of Demographic Policy, Mike was responsible for drafting a redistricting proposal for Governor Pataki. In addition, Mike served as a Research Specialist for the Empire State Development Corporation, as well as the Associate Commissioner of Human Resource Management with the New York Department of Labor. Durant also spent four years working at the Questar III BOCES as a specialist focusing on the complex formulas that drive aid to school districts across the state while also taking a lead role in the state legislative/budget process as it related to education policy. These past positions have given Mike a deep understanding of the complex political economics of the State of New York. Active in the community, Durant has served on a number of boards in both the village of Ballston Spa and Town of Milton. Durant received his bachelor’s degree from Siena College in Loudonville, New York and resides in Ballston Spa with his wife and two children.
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