Ohio Employers to Receive $1.5 Billion in Workers Comp Rebates
The Ohio Bureau of Workers Compensation approved a proposal to send $1.5 billion of the agency’s revenues to Ohio employers covered by the state’s workers compensation system. This is the fifth time since 2013 the agency has returned $1 billion or more to employers as a result of strong investment returns, falling injury claims and other operational efficiencies. The agency also has cut premium rates in the past few years, including a 12% cut for public employers that took effect in January and a 20% reduction for private employers.
Since 2011, the bureau said it has saved employers nearly $10 billion in workers comp costs through dividends, credits, rate reductions and greater efficiencies. “I am pleased that BWC’s Board of Directors agreed with our proposal to give this money to qualifying businesses, local governments, and school districts,” said Governor Mike DeWine (R). “Employers will be able to reinvest these funds in their operations and their employees, which will further strengthen Ohio’s economy.”