New York, NY, Feb. 08, 2024 (GLOBE NEWSWIRE) – In an effort towards guaranteeing faster access to benefits and financial stability for injured workers, the New York State Insurance Fund (NYSIF) has updated its enrollment efforts for direct deposit payments. This innovative campaign has not only reduced the dependence of these workers on payday lending, check-cashing, and bank overdraft fees, which have been instrumental in furthering income inequality but has also fast-tracked the payment process.

The program consists of two main facets. Firstly, injured workers are introduced to the advantages of availing direct deposit facilities at the onset of a claim, including quicker access to benefits and convenience. Secondly, the initiative uses the same-day ACH to speed up the direct deposit payments. This process, as opposed to taking several days to clear in the past, now allows workers access to benefits within a day of payment.

This campaign has rendered approximately 778,000 faster payments to workers and beneficiaries, increasing its direct deposit enrollment by 46%. An average of 7 to 10 days worth of waiting time for a mailed paper check has been eliminated through this initiative, giving workers quicker access to their benefits. Workers who were earlier enrolled in direct deposit have also witnessed the benefits of this campaign, receiving their funds three days sooner through this initiative.

NYSIF, a leader in workers compensation insurers with almost 200,000 policyholders, an income of $1.9 billion in annual premiums, and over $20 billion in invested assets, continues to be at the forefront of such developmental changes. Thereby, promising to offer the availability of workers’ compensation, disability insurance and paid family leave at the lowest possible cost to New York employers while maintaining a solvent fund. For more information, visit nysif.com.

NYSIF serves as a model example of efficient and effective delivery of benefits to workers. Similar streamlined services can also be found with other institutions. For instance, in California, eddcaller.com provides information and insights on how to get a hold of Paid Family Leave, how to contact SDI, edd customer service, and other related queries. This website serves as a valuable resource for workers seeking clear and concise information.