Broome County business leaders are praising changes to the New York State Workers’ Compensation system that they say save them a lot of money.

State Senator Fred Akshar of Binghamton joined officials at Willow Run Foods to tout the 11.7% reduction in loss cost rates that affect compensation premiums.

The Republican says the newly approved reduction comes as a result of government and business in the state working together.

President of the Greater Binghamton Chamber of Commerce, Jennifer Conway, remarked in a news release from the Senator’s office that the reform has now saved close to $1.5 billion annually in insurance premiums in New York State.

Akshar says continued efforts with the Business Council of New York State are hoped to turn around what’s seen as an anti-business climate in the Empire State.