COLUMBUS – State Senator Jay Hottinger (R-Newark) this week applauded a proposal by Governor Mike DeWine and the Ohio Bureau of Workers’ Compensation (BWC) to return $1.5 billion to Ohio employers following strong returns on the agency’s investments.
This would be Ohio’s fifth investment return to private and public employers of at least $1 billion since 2013 and the sixth overall return during that time.
According to the Governor’s office, the proposal includes returns to both private sector employers and to local governments. More than $1 billion will be returned to private sector employers, with $114 million going to local governments. Around $50 million will go directly to public schools.
"This rebate gives Ohio's employers an opportunity to reinvest these savings into expansion and hiring, and that translates into jobs for Ohio families," said Hottinger. "Sound management and investment decisions have led us to this point.
BWC Director Stephanie McCloud will present the proposal to the BWC Board of Directors during their board meeting this Wednesday. A vote would follow at the board’s June 28 meeting, and if approved, checks would be issued to employers in September of this year.
BWC has also lowered premium rates in recent years, including a 12 percent cut for public employers that took effect in January and a 20 percent cut for private employers that begins July 1. Prudent fiscal management and a focus on worker safety and wellness has enabled BWC to reduce rates and save Ohio employers nearly $10 billion in workers’ comp costs since 2011 through dividends, credits, rate reductions and greater efficiencies.
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