Most small & midsize firms to benefit from discount on workers’ comp premiums
By The Star Staff
Starting in July, most small and midsize businesses in Puerto Rico will benefit from a discount on the premiums for workers’ compensation insurance.
Gov. Pedro Pierluisi Urrutia and State Insurance Fund Corp. (CFSE by its Spanish initials) Administrator Jesús M. Rodríguez Rosa announced Wednesday the significant relief for island small and midsize businesses.
Pierluisi said those who qualify for the 50% discount on the cost of premiums paid to the CFSE will be able to benefit starting July, when employers must file their payroll statements.
The 50% discount is in the cost of annual premiums, for the next two fiscal years (2023-2024 and 2024-2025), for businesses that meet the criteria of having 50 employees or fewer and that have an annual payroll of $1.5 million or less. The CFSE serves more than 33,000 corporate employers and estimates that more than 31,700, or 95.6%, would qualify for the incentive.
“After a comprehensive study by the Fund, today we announce a new incentive for the business sector that employs the most people on our island: SMEs. This reduction in the premiums charged by the Fund will represent a great relief in the pocket of our small and medium-sized companies,” the governor said. “And it is when we help and encourage the small and medium-sized companies that we help and encourage our economy and improve the environment for doing business in Puerto Rico. This concrete action favoring our local business sector will result in greater economic activity.”