COLUMBUS—State Senator Bob Peterson
(R-Washington Court House) is applauding a recent proposal by the Ohio Bureau of Workers’ Compensation (BWC) for 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.
"I hope to see the proposed 20-percent rate reduction go into effect, creating new job and investment opportunities for our local businesses," said Peterson. "Once again the BWC has shown its commitment to Ohio businesses, and I applaud them for their work to keep employees safe while also cutting rates and being fiscally responsible."
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