BWC Approves $1.6B Dividend to Ease Virus Impact
COLUMBUS, Ohio – The Ohio Bureau of Workers’ Compensation has approved sending employers $1.6 billion to ease the impact of the coronavirus on the state’s economy and businesses.
The dividend equals roughly 100% of premiums employers paid in policy year 2018. About $1.4 billion will go to private employers, with the rest going to local tax districts such as counties, schools and municipalities .
Checks will be mailed later this month.
“We are all in this together, and I’m just grateful we can contribute in this way,” said bureau CEO Stephanie McCloud in a statement. “We wouldn’t be in this position without the employers who work hard to increase workplace safety, reduce injury claims, and pay their premiums on time.”
The dividend follows other recent moves by the Bureau of Workers’ Compensation to ease COVID-19’s strain on employers. In late March, the agency told employers they could defer their monthly premium installment payments for March, April, and May until June 1. The bureau also waived or postponed some requirements and deadlines for several programs that reduce employer premiums and applied the discounts automatically.
More information is available on the bureau’s Frequently Asked Questions page. Other questions related to the coronavirus outbreak can be sent to [email protected].
Published by The Business Journal, Youngstown, Ohio.