The Ohio Bureau of Workers’ Compensation (BWC) announced January 30 that private employers may receive a 13 percent rate reduction starting July 1. The proposal is under consideration by the BWC board of directors.
If approved at their February 28 meeting, private employers would pay nearly $132 million less in premiums for the year, and this would mark the third rate cut in three years for private employers and the 11th rate cut since 2008. It would also be the third-largest cut in 60 years and would follow a 20 percent cut in 2019.
According to BWC, premiums cover health care and lost wages for injured workers, as well as the BWC’s Safety and Hygiene Division for offering training, consultations and other services to help employers improve workplace safety. Employer participation in those services has grown by over 70 percent since 2010, while total annual claims have fallen 19 percent over that time to 84,364 in 2019.
If approved at their February 28 meeting, private employers would pay nearly $132 million less in premiums for the year, and this would mark the third rate cut in three years for private employers and the 11th rate cut since 2008. It would also be the third-largest cut in 60 years and would follow a 20 percent cut in 2019.
According to BWC, premiums cover health care and lost wages for injured workers, as well as the BWC’s Safety and Hygiene Division for offering training, consultations and other services to help employers improve workplace safety. Employer participation in those services has grown by over 70 percent since 2010, while total annual claims have fallen 19 percent over that time to 84,364 in 2019.
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