COLUMBUS—State Senator Frank Hoagland (R-Mingo Junction) today applauded the Ohio Bureau of Workers’ Compensation (BWC) proposal this week of a 20 percent reduction in the average premium rate it charges private employers, its largest rate cut in nearly 60 years if approved by the agency’s board of directors.
Prudent fiscal management and a focus on worker safety and wellness has enabled BWC to reduce rates and provide $8 billion in rebates to employers over the last several years.
"Returning these dollars to Ohio's employers to reinvest in their workforce is the right decision," said Senator Hoagland. "Smart enhancements in worker safety and sound financial management have made this rebate possible."
If approved by the board at its meeting on February 22, the rate reduction would be effective July 1 and save private employers $244 million over premiums for fiscal year 2019. The proposed cut would follow a 12 percent reduction last year and a pattern of no increases since 2006. It would also follow a 12 percent rate reduction for public employers — counties, cities, schools and others — that went into effect January 1.
Overall, the average rate levels for the 242,000 Ohio employers in the BWC system are at their lowest in at least 40 years. For more information on the BWC’s rate reduction announcement, click here.