COLUMBUS—State Senator Steve Wilson
(R-Maineville) 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.
"This proposed rate reduction once again shows that Ohio stands strong in its commitment to creating a more business-friendly state for both job creators and employees," said Wilson. "I applaud the BWC's continued efforts to work with Ohio businesses to not only ensure that we have healthy and safe working environments, but that we are also able to lower rates and create new opportunities for job creation and investment."
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 also follows 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